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Money Portal chief Morris quits ahead of court case

The Money Portal is expected to announce a new chief executive next week after former CEO Tony Morris was forced to resign last week by the Department of Trade and Industry.

Morris resigned in advance of a court case brought by the DTI concerning his role as director of 11 firms, seven of which have been dissolved and three of which went into liquidation.

One of the companies, Defleet Holdings, was run by Morris with former TMP director Andrew Ritchie. Ritchie stepped down as a director of TMP in March and is now being sued by the company for alleged breaches of contract along with another former director, John Fairclough.

TMP is trying to raise money to fund future acquisitions and has received funding from US investment bank Bear Stearns.

Since being founded four years ago, TMP has amassed 1.4bn of assets under management and has made several acquisitions including Willis Owen and Bates Investment Services.

TMP managing director Richard Craven says: “New board appointments will be announced next week following our next meeting with the regulator but I cannot confirm further details until then.”


Poll says buy-to-let landlords are investors, not speculators

Most landlords are investors and not speculators and are growing their portfolios at a rate of one property a year according to research from Mortgage Trust. The survey of 350 independent residential landlords shows that in May 2005 landlords held an average of 7.5 properties in their portfolios, up from 7.1 in January and anticipate […]

Wynne-Jones in move to Investec

Invstec has appointed Mark Wynne-Jones from UBS Wealth Management to join its UK contrarian team, reporting to Alastair Mundy. Wynne-Jones was director of wealth management research at UBS and was previously a fund manager at Cavendish Asset Management.

Incoming Amvescap chief gets 28m deal

Amvescap is giving new chief executive Marty Flanagan a pay deal worth 28m after recruiting him from Franklin Resources. His 450,000 salary is supplemented by a 2.6m performance-related bonus and 25m in shares. The firm, which owns Invesco Perpetual, is rumoured to be the continued target of a takeover by Canadian fund manager CI Financial.

Sanjeev Shah

Ice cream and fish fingers may not seem the most glamorous introduction into the world of finance but Sanjeev Shah’s graduate trainee job at Birds Eye Walls, with Unilever as a commercial analyst clearly set him on the right career path.


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