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Wonga records pre-tax loss following £35m customer redress hit

Controversial payday lender Wonga has reported a pre-tax loss of £37.3m for 2014 after taking a £35m customer remediation hit following an intervention by the FCA. The firm’s full-year results for the 12 months to 31 December 2014, published today, reveal revenues plummeted 31 per cent year-on-year, from £314.7m to £217.2m, driven by a “significant […]

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RLAM launches Enhanced Cash Plus fund

Royal London Asset Management has unveiled an Enhanced Cash Plus fund to complement its £1bn Cash Plus fund. The new fund, which launches today, has a similar investment approach to the existing Cash Plus fund, aiming to preserve capital while providing income and capital growth in excess of money market rates, but with the potential […]

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Openwork launches chartered status study programme

Openwork is launching a study programme for advisers looking to attain chartered status. The Route to Chartered Status programme is open to principals, advisers and paraplanners. It will initially deliver face-to-face support at Openwork’s headquarters in Swindon, and subject to demand will offer face-to-face courses at a number of additional locations. Each advanced study module […]

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Record inflows push Axa Elevate to £10bn

Record new money in March has helped push Axa Elevate’s funds under management to £10bn, Axa Wealth’s quarterly results show. The platform saw £534m of new assets in the first quarter of 2015, with funds under management rising 26 per cent year-on-year, from £7.9bn in 2014 to £10bn. An 8 per cent increase in pension […]

Global income: preparing for a rate rise…

In the five years since we launched the Artemis Global Income Fund, its manager Jacob de Tusch-Lec has built a distinctive portfolio that is first among its peers. Here he explains why his “quality, cyclical and value yield” stocks, and flexible approach, leave the fund better placed to benefit from uncertainty than funds that depend […]

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