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Money Portal back on acquisition trail

The Money Portal is planning to make four multi-million-pound acquisitions to set the pace in the investment intermediary marketplace.

The investment firm run by Richard Craven is looking to get off to a flying start this year after a difficult 2004 and focus on bolting together more financial services businesses.

After buying Bates Investment Services, TMP had a tough year in 2004 as it went through a management reshuffle, the collapse of a major business deal and a director fallout.

After recruiting senior management who would be able to punch their weight in City negotiations, Craven is ready to continue buying firms to build up critical mass. He wants TMP to dictate its role in the markets rather than being swayed by product providers.

The first TMP acquisition was in January 2003, with the purchase of Willis Owen for £2.2m cash and £4m in loan notes. This was followed in February 2003 with Harrington Communications, The Isa Shop and three subsidiary businesses in May 2003, and finally Bates Investment Services and WiseUp Money in September 2003.

“It has been a frustrating year but we are ready to build again,” says Craven.

At this early stage, it is not yet known who TMP is looking to target.


Norwich Union maintains bonus rates

Norwich Union has confirmed regular bonus rates on new unitised with-profits policies sold this year will not change in the immediate future.The bonus rate on life and investment policies remains 4.25 per cent with pension policies receiving 4 per cent and stakeholder pensions 3.5 per cent before the 1 per cent annual management charge. The […]

Govt looks at 0% starter homeloans

The Government is considering bringing in 0 per cent mortgages for people on low incomes and £60,000 starter homes. The Office of the Deputy Prime Minister has confirmed it is considering offering subsidised loans for people on low incomes to help them on to the housing ladder. The plans are expected to form part of […]

Fidelity focuses on channel vision

Fidelity Investments may be the number one UK fund group but UK managing director Richard Wastcoat is acutely aware of the need for repositioning as the distribution landscape changes. “We are committed to different distribution channels but the IFA is important to us. As individuals committed to independence, if we have a good investment story, […]

The death of retirement – a boost for protection?

According to our recent report on the death of retirement, changes in workplace pension provision mean that coming generations of retirees could have a radically different experience of retirement from their parents. The average contribution rate into an old-style final salary pension was around 20% of total wages, the statutory minimum for a new automatic […]


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