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Investec extends commission offer

Investec is continuing to pay 4 per cent upfront commission on its cautious managed fund for another year. The fund has almost tripled its assets under management this year, rising to £125m from £45m in January. Inflows from retail intermediaries accounted for more than 30 per cent of this, prompting Investec to extend the offer.

Joint managing director Andy Sowerby says: “This fund is proving itself as the ideal vehicle for investors looking to step back into the market as a replacement for the much maligned with-profits bonds and for investors looking to reduce the risk of existing portfolios.”

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Healthcare firm Jelf buys PMI specialist

Healthcare intermediary the Jelf Group is buying Cardiff-based specialist private medical insurance firm Pontin & Stein for an undisclosed sum. Pontin & Stein&#39s eight advisers will continue to operate from its Cardiff Business Park premises, with the operation being expanded to offer financial services and commercial and credit insurance. The deal means that Jelf, which […]

Newcastle launches 3 year mortgage at 3.49 per cent

Newcastle Building Society is launching a three year discount mortgage on 15th December. It has a 2.31 per cent discount from SVR, giving a current rate of 3.49 per cent. This product is available until 30 March 2004 for loans of up to £500,000 with a minimum loan of £15,000. There is a completion fee […]

Summer start for depolarisation after menu delay

Firms should be able to operate under the final depolarisation rules by summer 2004, six months later than originally planned, the FSA has revealed. A consultation paper on the menu payment system is now due by early February and FSA head of retail projects David Severn says he believes the earliest the industry will be […]

Millfield cuts losses and boosts turnover

Millfield Group has reduced its losses and increased turnover by two-thirds while agreeing a £10m investment in its Lifetime wrap venture from Norwich Union. The Aim-listed national IFA cut its losses by 4.5 per cent to £5.6m in the six months to September 2003 from £5.9m for the same period last year and saw turnover […]

How can I help develop my professional connections?

Graeme Ballantyne, business consultancy manager, looks at how you can maximise the opportunities through your professional connections As we move through the summer months it’s perhaps a good time to pause and reflect on whether the plans you’ve made for your business are bearing fruit. One area we at PruConsulting know many advisers have been […]

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