Misys chief executive and director Kevin Lomax has quit ahead of the AGM this week. There has been strong criticism from shareholders after Lomax led a failed MBO bid, with reports that several institutional shareholders were going to vote against his reappointment to the board. Chairman Sir Dominic Cadbury will take on his responsibilities until a successor is appointed.
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Focus on Protection
Royal London’s profits from new business grew by £22m in the first six months of this year compared to £37m for the full year in 2005. The provider is now the UK’s largest mutual life and pensions company since Standard Life’s demutualisation was completed in July.
Record results for Helm Godfrey
National IFA Helm Godfrey reported record results for the first half of this year. Profit nearly tripled to 343,823 compared with 125,939 for the same period last year. Turnover increased by 53 per cent to 2.76m from 1.8m.
Gartmore MBO completed
Private equity firm Hellman and Friedman and Gartmore’s senior managers have completed their acquisition of Gartmore from Nationwide. The acquisition includes all Gartmore’s UK, European, Japanese and Latin American businesses and is one of the biggest-ever management buyouts of an asset management company.
CII unveils Advanced Diploma
The Chartered Insurance Institute has unveiled its Advanced Diploma in Financial Planning which forms the final part of its new financial planning exam framework.The CII says the diploma is designed to develop specialist financial planning capabilities and provide the gateway to Chartered Financial Planner status.It is made up of five units – personal tax and […]
Global income: preparing for a rate rise…
In the five years since we launched the Artemis Global Income Fund, its manager Jacob de Tusch-Lec has built a distinctive portfolio that is first among its peers. Here he explains why his “quality, cyclical and value yield” stocks, and flexible approach, leave the fund better placed to benefit from uncertainty than funds that depend […]
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Trustee brought in to oversee defunct pension firm’s schemes
The Pensions Regulator has appointed an independent trustee for the 15 schemes linked to the now shuttered Fast Pensions. Fast Pensions and five connected companies were wound up at the High Court in May. According to an Insolvency Service statement, it is estimated around 520 people were persuaded to transfer a total of at least […]
Why selling to a consolidator can be anything but smooth sailing
There are increasing hurdles to consider for advisers making the move to sell their business and trade under a new parent. Recent figures from Nucleus show advisers are shunning the idea of selling to consolidators, thanks to increasing examples of the process going wrong. Figures from a survey of around 200 advisers by the platform […]
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Paul Beasley: Campaigning for more regulation must stop
The boss of Richmond House Wealth Management responds to Money Marketing columnist Paul Lewis’s latest article that questioned the effect of pension freedoms I am in the majority of advisers in that I am still, just, in my 50s. I therefore grew up with the Man from the Pru calling monthly to collect premiums, got […]