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L&G wins £400m fund deal from B&B

Bradford & Bingley is to hand Legal & General a £400m multi-manager mandate after ending its contract with Axa Framlington.

As revealed by Money Marketing last September, the move sees L&G launch two multi-manager offerings, in the shape of income and growth funds similar to those run by Casper Rock at Axa, to run the money.

The transfer takes place on July 14. There will be a 1 per cent annual fee which will increase with higher returns. The investments will be held on L&G’s own fund platform, the Investment Portfolio Service.

The loss will hit Axa Framlington’s multi-manager range hard, leaving it with around £200m across six funds. Chief executive officer Rob Kyprianou says: “We were aware of this change for some time as B&B is one of our biggest clients. We have been happy with performance since Casper came in and for now it is business as usual.”


Bear skinned by credit crunch

It has been a nightmare few days for investors again as markets have been left reeling by the collapse and subsequent emergency sale of US investment bank Bear Stearns.

IFDS takes up the call

IFDS is turning its talent to a different cause, providing its call centre and 300 staff to man the donation phone lines for Sport Relief 2008.The Essex-based financial services administration outsourcing manned the lines on Friday, helping the charity through its seven-hour bonanza on BBC1 in a bid to beat last year’s amount of £18m […]

30% Of public to use Isa allowance

Only 30 per cent of the public intend to use their Isa allowance compared with 71 per cent of active investors, says the Association of Investment Companies’ investor confidence index. It says 37 per cent of active investors think a recession is the biggest threat to their finances.

Bullivant quits CII for chief role at Annuity Direct

Chartered Insurance Institute deputy director general Bob Bullivant is joining Annuity Direct as chief executive.He will be taking over dayto-day management and business expansion from managing director Stuart Bayliss, who will focus on company development and public policy.Bullivant says : “I have very much enjoyed my role with the CII but the opportunity to take […]


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