Inter-Alliance Group (Cyprus), PGMS Holdings and Sterling Associates will change hands in a deal announced this week, reducing Millfield’s annual cost base by 1.5m. Millfield says its total cost base has now fallen from 49m to 30.5m since December 2004.Millfield and De Vere are finalising a strategic partnership which allows the two to act as reciprocal introducers of business, through which Millfield can contact De Vere’s 2,000 UK-domiciled clients. Millfield chief executive Paul Tebbutt says the three offshore companies have been unprofitable since its merger with Inter-Alliance in October 2004. Tebbutt says the disposal was always part of Millfield’s strategy as he wanted to concentrate solely on the UK market. Tebbutt says: “We are entering a full strategic alliance allowing us to contact De Vere’s 2,000-plus clients returning to the UK and allowing them access to our clients who might be moving to another territory. “Dealing with an international market does not offer the same regulatory environment but people still need quality advice.”
There was speculation this week that the legal battle between Equitable Life and its former directors and auditors Ernst & Young could reach a settlement.
The day before Jupi- ter launched its Japanese income fund, prime mini- ster Junichiro Koizumi won the Japanese election with a surprising majority.<
Of every 100 you earn, you pay 11 per cent to the Government in National Insurance contributions and a further 22 per cent in income tax, or 40 per cent if you are a higher-rate taxpayer.
Anthony Bolton is the stuff of legend but, says Hargreaves Lansdown head of research Mark Dampier, Fidelity has confused the issue of his retirement and set the speculation mill racing with the controversial split of the special sits fund
Stan Russell, head of pensions business development, examines why advisers should be talking to their clients about DB-to-DC transfers, and the factors that need to be considered. Read more
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