The resulting company would have had market capitalisation of around 30bn and dwarfed any other UK insurer for market share although other UK life offices with foreign parents would still have had greater clout globally.There remains a reasonable business case for a merger, with Prudential strong in Asia and holding reasonable presence in the US, while NU has its general business and a respectable market penetration in Europe. But, for IFAs, a merger would have brought disruption in the life and investment sections of the two groups where the greatest crossover exists. Although cost savings might have been achievable and then eventually passed on to policyholders and investors, advisers would probably have worried about the potential for admin problems and loss of talent in a merger and a lessening of competition in the parts of the financial services market that matter most to them. It now appears that a merger is off the cards. Advisers will probably be relieved although they should also be aware that more life office consolidation may be around the corner.
Adviser software provider 1st has announced sales and marketing director Richard Goodall has joined its board.Goodall joined the firm in June and was previously a manager at Zurich Financial Services and national sales manager at Axa Sun Life as well as spending 10 years at national IFA Sedgwick Independent Financial Consultants.1st managing director Mik Cons […]
Franklin Templeton growth fund manager Ken Cox is understood to be leaving the firm due to ill health. Cox has run the 144m fund since 2001 and returned 63 per cent in the three years to January.
The Claims Standards Council has given hope to IFAs buckling under the weight of endowment complaints by promising to launch a “nuclear” attack on rogue claim management firms.<
It is not the Government’s response which is muddled but companies being unable to comprehend the regulation’
Jacob de Tusch-Lec explains why he favours bond proxies in Europe (and China). To watch the video click here
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