Key Retirement Solutions is planning to buy its way into theinheritance tax planning and annuity markets funded by private equity group Cabot Square, which has bought a 60 per cent stake in the firm.Key is looking for acquisitions to sit alongside its existing equity-release business, which it plans to grow by recruiting 40 new advisers this year. It enquired about buying Berkeley Berry Birch’s national IFA business Weston in December but BBB executives failed to respond to its enquiries before Weston was sold to Bates Investment Services in March. Cabot Square replaces Anglo Irish Bank which held a 51 per cent stake in the firm. Key managing director Colin Taylor says the change provides the funding for it to acquire businesses that match its desire to move into IHT and annuities. Key stresses it will keep its equity-release arm separate from any new lines of business. Taylor says: “We have the capital resources with Cabot Square on board to acquire and move into new fields but it is hard to find someone that would fit with our strategy. With Weston, I was amazed that BBB never got back to us, especially with creditors now getting so little back.” Mortgage Force managing director Rob Clifford says: “There is an intrinsic link between equity release and wider retirement planning so it makes perfect sense.”
Equity-release rates could be set to rise across the market after Norwich Union and Northern Rock increased their lifetime mortgage charges. NU personal finance director of sales and marketing Darren Carter believes other providers could follow suit, reversing the trend of softening rates over the past year. Money Marketing revealed last month that an unnamed […]
William Lam has been appointed to join Invesco Perpetual’s Henley-based Asian equities team.Lam, who joins the team on May 22, will help to selectstocks from Taiwan and Korea across all funds managed by the Asian team.Lam was formerly an analyst at Orbis Investment Advisory, specialising in the global telecoms and technology sectors.
Bradford & Bingley has appointed Andy Wiggans as director of mortgage products.He joins from HBOS where he was previously head of savings products and head of mortgage products. His new role encompasses the Bradford & Bingley and Mortgage Express brands and covers mortgage product development, product management and strategic marketing. He will report to group […]
Former AWD Group chief executive Douglas Gardner has joined Positive Solutions as distribution director. Aegon head of risk Graham Dumble has also joined the board as a non-executive director in a management reshuffle that sees sales director Chris Smallwood and compliance director Chris Davies leave the group. Positive Solutions revealed last week that David Harrison […]
Most investors are better off than they were 12 months ago despite the summer’s volatility. Will next year bring the (delayed) global slowdown? Artemis’ senior partner weighs up the factors.
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JLM Mortgage Services has launched the first stage of its new ‘robo advice’ service. The mortgage and protection network claims it is the first network to launch such a tool to its members. The Virtual Adviser will allow member brokers to offer an online service to residential and buy-to-let customers. This service will offer an […]
Providers should listen closer to advisers and consumers when deciding what initiatives will work
Continuing this series looking at how firms make their investment decisions, we speak to Tenet Group technical services and research manager Joanne Rigby