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Merrill Lynch loses funds to Barclays

Merrill Lynch Investment Managers could end up being one of the biggest loser in the Barclays&#39 takeover of the Woolwich, City experts predict.

The fund manager, formerly Mercury Asset Management, manages two highly profitable funds for Woolwich.

It is widely thought the funds, the £1.2bn UK Stockmarket fund and the £680m Corporate Bond Fund, will be switched to Barclays&#39 in-house fund manager, Barclays Global Investors, in the near future.

Since Merrill earns considerable fees for its management of the funds, it will be disappointed to lose control over them.


R&SA to review £1bn in orphan assets

Royal & Sun Alliance is the latest life office to set up a review into distributing its orphan assets.R&SA says it has about £1bn in orphan assets and has around 450,000 with-profits policyholders who could be eligible for handouts.But the company claims it is likely to be a “long and complicated process”.It says the surplus […]

Synaptic service to speed up IFA online applications to providers

Network Burns Anderson is pioneering software by Synaptic Systems which enables IFAs to submit new business application forms directly to product providers online.Synaptic says the service, called the EZ new business application, will dramatically increase the processing speed of each application, freeing IFAs to devote more time to clients.The system will initially be limited to […]

Scottish Amicable uses website to plug mortgage protection product

Scottish Amicable is using its website to plug its&#39 new mortgage protection product.Called mortgage protection it is designed to be either level term assurance or decreasing term assurance.Individuals can mix and match the cover they want from mortgage protection. It enables them to pick elements from a list that includes unemployment cover, critical illness cover, […]

Employers need advice

For the vast majority of employers, the days when it was possible to ignore pension provision are numbered. By October 8, 2001, all employers should have carried out an audit of their pension provision. Failure to comply with the new requirements could result in a fine from Opra. The safest approach for any employer is […]

Sub-Saharan Africa Near-Term Outlook

By Paul Caruana-Galizia, Neptune Economist

Sub-Saharan Africa’s economic renaissance continues. After growing at an average rate of five per cent over the past decade, the IMF projects an acceleration to 5.5 per cent growth among Sub-Saharan economies in the next two years, as developed economies emerge from the crisis. We expect this growth to be sustainable for three broad reasons.


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