View more on these topics

Kensington sets up new sub-prime firm

Kensington is launching a new lender, Money Partners Limited, which will offer a range of firstand second-charge mortgage products via introducers which do not currently recommend Kensington products.

Kensington finance director Simon Kingdon will be moving to MPL as finance director. He steps down from the Kensington board on October 1.

Kensington will acquire the loans originated by MPL and the profits generated. It will make an initial investment to acquire a minority stake in the business and will provide debt to support the venture&#39s start-up and development .

Former igroup managing director David Johnson will be MPL executive chairman and ex-First National managing director Philip George will be a non-executive director.

Kensington chief executive John Maltby says: “MPL will be an equity partnership bet-ween Kensington and an experienced management team and we expect the initiative to add significant, incremental firstand secondcharge mortgage business to Kensington, broadening access to the high-growth UK non-conforming market and maximising the value from our established expertise in this area.”

Hamptons International broker Jonathan Cornell says: “I would be interested to know why they are launching another lender in the sub-prime market as Kensington has a good name and a good brand.

“I would like to know what the difference is going to be between Kensington and MPL. Normally, when you create another brand or company, it is because you want to try something different.”


Cavanagh counts cost of Ernst & Young deal

Cavanagh Group&#39s operating loss increased from £70,000 to more than £1m in the six months to April 30 as the firm started to integrate acquisition Ernst & Young Financial Management. Cavanagh reported losses of £1.08m, around half of which it blames on the non-recurring costs of the £3m move for EYFM. However, turnover more than […]

&#39Abbey closed WP funds need no further capital&#39

Abbey says its closed Scottish Provident and Scottish Mutual funds need no further capital to comply with the FSA&#39s realistic reporting requirements and it plans to increase the equity content of both. The company says just under half of its with-profits policyholders&#39 market value reductions will be improved, with the remainder staying the same. ScotProv&#39s […]

Standard Life offers inflation-proofed fund

Standard Life Investment&#39s global index-linked bond fund aims to provide income by investing mainly in government and corporate inflation-linked bonds. Although the fund may provide capital growth, this is not its main priority. The fund is an addition to Standard Life Investments&#39 range of lower-risk funds and it will have at least 15 holdings to […]

Top actuary in attack on commission

A 13-year old schoolboy has outperformed the UK&#39s top fund manager in a competition run by stock and shares website ADVFN. Roy Nelson made a £108.81 on his £1,000 portfolio. The best-performing UK fund, the Axa ethical fund run by Stuart Fowler, returned 1.12 per cent between June 14 and July 2. Steel giant Corus […]

Artemis Global Income: favouring Europe over the US

With a 10 per cent return from his Global Income Fund in the first three months of 2015, Jacob de Tusch-Lec talks to journalist Alexis Xydias about the drivers and why he favours Europe and Asia over the US. Jacob believes European companies remain cheap and is still finding opportunities amid value stocks – in contrast […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm