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Millfield raises £3.6m for working capital

National IFA Millfield Group has raised £3.6m from City investors, underwritten by brokers Collins Stewart to provide working capital.

A trading update from the firm said it had grown its advisers numbers by 25 to 625 in the six months to March 31, 2004, although 90 RIs left during that period.

The firm says average business levels for the remaining advisers have increased to £100,000 from £85,000 over the year to March 31, 2003.


Resilient offshore sales recovering

Total offshore life sales fell by 18 per cent last year to £6.8bn APE from £8bn in 2002 according to figures from the Association of International Life Offices. Worldwide sales of singlepremium products totalled £4.5bn and regular-premium business was £2.40bn. But the Ailo says the underlying trend through the year is up, with figures for […]

Tilney Investment Management – Opal Tailored Solutions

Type: Capital-guaranteed fund of hedge funds Aim: Income or growth linked to the performance of the Opal Optimum Master Fund Minimum investment: Lump sum £10,000, Isa £5,000 Term: Five years and one month Guarantee: Secure income and secure growth options &#45 Original capital returned in full regardless of performance of underlying fund, high income and […]

VAT&#39s not the way to do it

IFAs which are members of networks may face being clobbered with a very nasty VAT bill. It appears that Customs & Excise is poised to force networks to charge its members VAT for the use of network services regardless of whether they take a percentage of commission or a fee. With the average annual fee […]

Stability in BTL as asset values hold the line

The average capital asset value of houses and flats in the private rented sector remained stable during the first quarter of 2004, according to data from the Association of Residential Letting Agents. The Arla buy-to-let index remained at 100 for cash purposes of buy-to-let properties and 100.1 for property investment relying on a mortgage. The […]


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