View more on these topics

Low float price may spark bids for Friends

Rival firms could be waiting in the wings to swoop on Friends Provident following City sentiment that its float price will be lower than expected.

Industry sources say several companies are waiting to see the life office&#39s share price on listing before looking at making a bid for the company.

Friends&#39 advisers Merrill Lynch set the flotation share price at 210p to 270p. But the pre-float price in the City is being valued towards the lower end of this range. The price will be announced on Friday, with the listing set for July 9.

Friends says it has had no takeover approaches but Money Marketing understands a number of groups approached Friends and were turned away.

Companies without a significant presence in the UK, such as Allianz, are likely to be interested because Friends would give them access to most product areas.

Waiting for Friends to float before moving in would mean the bidder avoids the complicated demutualisation process.

Friends spokeswoman Di Skidmore says: “There are no people swooping around us and we have not had any take-over approaches.”

Informed Choice managing director Nick Bamford says: “Consolidation of providers is a fact of life. I would have thought anyone receiving Friends&#39 shares would be pleased to know that people want to buy it.”

Recommended

Norwich & Peterborough – One Year Fixed Rate Bond

Monday, 2 July 2001.Type: High interest account.Minimum-maximum investment: £1,000-no maximum.Interest rates: 5.35 per cent gross a year, 5.22 per cent gross a month.Term: One year.Offer period: Until further notice.Withdrawal penalties: If no notice given, 50 days&#39 loss of interest on amount withdrawn unless at least £1,000 remains in bond.Tel: 0845 3002511.

Make advice an employee benefit, say actuaries

The Institute of Actuaries is expected to urge employers to make financial advice an employee benefit to enc-ourage workers to plan for their future this week.The proposal would open up the debate on whether advice should follow the US model and be tax-free.Money Marketing understands that the Institute of Actuaries will this week call on […]

Flood of IFA complaints at Cofunds admin errors

IFA fund supermarket Cofunds has had a barrage of complaints after a chain of recent admin blunders have left IFAs misinformed and out of pocket.The platform, launched in January, has more than 1,500 registered IFA users and has taken more than£100m in Isa business.Cofunds says the very high levels of business taken this Isa season […]

Standard & Poor&#39s Micropal Top 10s

Lazard European smaller companies is a new entry to the top 10 unit trusts, returning 20.41 per cent over the past year. The fund is head and shoulders above its sector peers over the year, with a return more than 40 per cent greater than the second-placed fund run by Colonial First State Investments. European […]

Allianz Technology Trust – April 2017

Welcome to the latest update for Allianz Technology Trust PLC from the Trust’s portfolio manager, Walter Price. Portfolio review The Trust’s NAV returned 4.3% , outperforming the Dow Jones World Technology Index return of 2.8%. In US dollar terms, the portfolio gained 4.8%. During the month, stock selection contributed to relative performance, and industry allocation […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com