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M&G profits up 12 per cent

Revenue grew by 8 per cent to £164m and operating profit increased to £58.2m from £51.9m, an increase of 12 per cent.

Net Pep sales were £217m compared with £210m in 1997.

Redemptions continue to hurt M&G&#39s business. There was a net outflow of £111m from its unit and investment trusts, although this was an improvement on the previous year&#39s figure of £220m.

Funds under management fell during the year to £16.8bn, down from £18.1bn. Since the end of September they have risen to £18.4bn as at November 26.


Paragon profits up 16 per cent

The Paragon Group has announced a 16 per cent pre-tax profit rise in 1998 to £25.1m from £21.6m.Paragon says its total value of loans to customers rose to £1,379m at September 30 1998 from £1,095m at September 30 1997.The total number of accounts under its management increased to 91,000 from 38,000 and total assets under […]

Survey shows those in UK with £50,000 in assets to grow by 25 per cent by 2005

Merrill Lynch is predicting that the number of UK investors with financial assets exceeding £50,000 will increase 25 per cent by 2005.IFAs are welcoming the results of the research and hope it will prove a catalyst in developing financial products that are easier for the consumer to understand.The investment bank is predicting that by 2005 […]

Standard Life angers Tep providers by voicing projection doubts

Standard Life has angered Tep providers with accusations that they are providing consumers with unrealistically high projections for maturity values.The life office says it is concerned there is no regulation to ensure market makers use a standardised formula for calculating projection rates.Standard Life marketing manager Andrew Black says: &#34We would like the PIA to impose […]

Heath confident of phase two deal for Christmas

IFA Association director general Garry Heath is aiming for agreement on a new formula for dealing with the pension review phase two by December 17.Heath has been in a series of meetings with trade bodies and regulators over his plans. He will continue these next week, maintaining he is confident of a deal.


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