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Money Portal sets up fund admin platform service

The Money Portal will launch a fund admin platform service designed to compete with the admin services of a major international bank.

TMP has appointed three leading investment experts to run the business which provides distribution and admin services for fund management companies.

It has recruited John Ellis from JP Morgan Fleming Asset Management as head of the service and executive director on the board. At JPMFAM, he developed strategic links with major banks and led the wrap proposition.

TMP has also recruited Mark Tennant as corporate adviser and Simon Ewan as executive director.

Tennant, who will work with the executive team on the platform operations and new business, was senior vice-president of JP Morgan Global Investor Services.

Ewan was head of wealth markets at SEI Investments and will work with Ellis to create the platform service.

Managing director Rich-ard Craven says: “This is further evidence of our commitment to hold the depth and breadth of management expertise across all facets of our group which quite simply does not exist anywhere in the sector.”

The investigation into the chairman and the managing director of TMP firm Bates Investment Services continues. Craven suspended Richard Bates and sister Helen Peace for “management issues” earlier in the month.


Tax changes hit Isas with first net outflow

Isa sales slumped in Sept-ember to show a net outflow for the first time since their introduction in 1999, according to IMA figures. A net Isa outflow of £23.5m followed the lowest recorded inflow of £25m in August. Isas saw a net inflow of £259.5m in September last year. Gross sales fell from £442m in […]

First National and igroup launch online KFIs

igroup and First National have launched their online Key Facts Illustrations for intermediaries. GE Consumer Finance Home Lending chief commercial officer Sean Webb says: “We see this system as not only a necessity for FSA compliance, but also for the increased speed and efficiency of our brokers&#39 business. We are dedicated to intermediary relationships and […]

Woolwich Plan Managers – Accelerated Growth Bond

Type: Capital protected bond Aim: Growth linked to the performance of the FTSE 100 index Minimum-maximum investment: £3,000-£500,000, Isa £7,000 Term: Six years Return: 700 per cent growth in the index up to 63% Guarantee: Original capital returned in full providing the FTSE 100 index does not fall by more than 50 per cent without […]

Skandia planning to axe re-registration

Skandia is planning to dump re-registration as a means of asset gathering on its fund supermarket because the process is too expensive. Regarded by the group as a loss leader, re-registration has been a key battleground for fund supermarkets in the fight for assets. Cofunds has taken approaching £1bn through re-registration while FundsNetwork has taken […]

Apple: a stellar technology story

By Ali Unwin, head of technology sector research

Apple recently announced the highest-ever recorded quarterly net profit ($18bn), with the sale of 74.4 million iPhones helping the company deliver $74.6bn of revenue for the quarter ending December 2014. These sales were largely driven by strong demand for the new iPhone 6 and iPhone 6 Plus. Highlights included Chinese iPhone sales doubling year-on-year and unit growth of 44% in the US — supposedly a well-penetrated market. Apple ended the quarter with $178bn in cash on its balance sheet, having generated a staggering $30bn in free cash flow during the quarter.

At Neptune, we have been long-term believers in the Apple story, and continue to hold the stock in a number of our portfolios based on the company’s long-term growth prospects. This is predicated on our belief that Apple has proved thus far that it can — unusually for a consumer electronics company — maintain high margins for a sustained period of time, even as adoption of new technology slows down and competitors produce similar-specification products.


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