View more on these topics

Living Time receives £450,000 Alico loan

Living Time is to receive a £450,000 loan from Alico to address liabilities of £257,000.

Living Time’s latest accounts show the firm had unaudited net current liabilities of £257,000 as at 31 December 2010. The accounts say the firm is to receive £450,000 of working capital support from Alico by February 28 to enable it to continue as a going concern.

The accounts show Living Time made a pre-tax loss of £284,265 for the year ended March 31, 2010.

The decision to provide the firm with capital support was made on December 20 last year, when Living Time signed heads of agreement with Alico to extend its distribution agreement beyond the expiry date of June 13, 2011.

The fixed-term annuity specialist will also implement a “wide-ranging cost reduction programme” which will see staff costs cut by 50 per cent by February 1.

Earlier this month, Money Marketing revealed sales staff had left Living Time after it reached a distribution deal with MetLife, who acquired Alico in November last year.

Recommended

Universal state pension is put on fast-track route

The Government has paved the way for a universal state pension following the introduction of an amendment allowing policymakers to fast-track consolidation of the state second pension. Money Marketing last month revealed that the Government’s proposed green paper on introducing a flat-rate basic state pension had been delayed as officials tried to resolve how to […]

M&G’s George Tsinosis leaves amid reshuffle

M&G Investments multi-asset manager George Tsinosis has left the firm and the macro investment team is taking over his funds. European fund managers Giles Worthington and Tim Short are also leaving. Tsinosis was handed M&G’s £740m managed fund and £338m cautious multi asset fund in July 2010 when its former head of equities David Jane […]

Martin Foden discusses how convenience is affecting the construction of fixed income portfolios

In this short video, Martin Foden, head of credit research at Royal London Asset Management, discusses how convenience is affecting the construction of fixed income portfolios. Watch the video in full The value of investments and the income from them is not guaranteed and may go down as well as up and investors may not […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment