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L&G with-profits returns slump following new business closure

Pre-tax investment returns generated by Legal & General’s with-profits funds dropped to 3.1 per cent in 2015, down from 10 per cent a year previously. This compared to 8.5 per cent over 25 years and 5.5 per cent over the last decade. In addition, the insurer added bonuses totalling £366m to its with-profits policies last […]

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Pension freedoms drive LEBC profit surge

LEBC has seen pre-tax profits climb 64 per cent for the year ending 30 September 2015 as the introduction of pension freedom boosted revenues. The advice firm recorded a pre-tax profit of £1.8m, up from last year’s equivalent of £1.1m. Turnover increased 21 per cent, from £12.4m to £15m, while cost of sales also rose […]

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Arch cru investors face FSCS payout delay

Investors in failed investment vehicle Arch cru will be forced to wait longer to receive full compensation after the FSCS confirmed the wind-up of the funds has been delayed. The lifeboat fund has paid £58m to Arch cru victims since 2012 and planned to make “top-up” payments to investors once the Arch cru funds had […]

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London & Capital sells DFM business to Momentum

London & Capital has sold its £200m DFM business to Momentum, transferring its 15 model portfolios. Momentum has acquired the Adviser Solutions business from L&C, and will take over management of its model portfolio range. The move will see L&C’s Adviser Solutions unit sit within the Momentum Global Investment Management business, and will include the manager’s existing Factor Series […]

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