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Just Retirement sees shares soar amid bid hopes

Analysts believe a life office such as Legal & General, Aviva or Prudential could swoop on Just Retirement following news that the company has received expressions of interest.

Panmure Gordon & Co analyst Barrie Cornes says bigger life companies have made limited progress in the enhanced annuity sector using their own underwriting data.

In a stockmarket announcement following speculation in the weekend press, Just Retirement said discussions are at a very preliminary stage and it is not yet certain if an offer will be made. It is understood to be looking to net £300m through any sale.

The company’s share price rose by more than 50 per cent on Monday morning from 48.5p to 75p after the announcement was made. The specialist provider of retirement products floated on the stockmarket in 2006 at 148p a share. Deutsche Bank has been appointed to field bids. Group chief executive Mike Fuller says: “We believe that some of the bigger life offices will struggle to apply a scientific basis to their pricing and underwriting of enhanced annuities, not having got the historical data on which to base this.

“Whether any of the big annuity providers would like to make the move into the enhanced sector, either by developing organically their own propositions or through acquisition, remains to be seen.”


Hedge fund buys Edeus

A hedge fund that made billions in hedging against the US sub-prime mortgage crash has bought Edeus. Elliott Associates, based in New York, has bought the firm’s assets to set up Exact, a mortgage asset servicing company.

PFS fears fudge in RDR finale

The Personal Finance Society is concerned that this month’s retail distribution review paper will create a “fudged area” between sales and advice.In an interview with Money Marketing at the PFS annual conference in Birmingham this week, new PFS president Paul Lothian said he believed the RDR may create a middle ground between advice and sales […]

Navigating volatility

The making of any fund can be seen in how it responds to crises and opportunities. In this short video, Head of Multi Asset at Royal London Asset Management Trevor Greetham outlines how the Royal London Global Multi Asset Portfolios or GMAPs navigated through Brexit and the US election cycle. He also highlights the importance […]


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