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Mortgage lending up 13% at the Cambridge

The Cambridge Building Society has reported gross mortgage lending of £144.5m for 2011, representing a 13 per cent increase on the previous year.

Its 2011 results also reveal a pre-tax profit of £0.6m, down from £1m in 2010.

The society’s mortgage balances were up 8 per cent on the previous year at £55.7m, while its savings balances were up 7 per cent at £940,999.

The lender’s total assets are up 6 per cent at £1bn.

Cambridge commercial director Andy Lucas says: “Over the past 12 months, the society has gone from strength to strength as it has invested in enhancements to the products and services it offers, both direct and via its intermediary channel.

“I am delighted with the success we have achieved in 2011 and we aim to grow at a similar pace in 2012.”

He adds: “The Cambridge has money to lend and we are committed to building and maintaining sustainable relationships with mortgage intermediaries.”


Aviva shuns simple advice for guidance service

Aviva says it has no plans to offer simplified advice and is instead developing a non-advised financial guidance service for customers with limited budgets after the RDR. In May, Aviva published a report, Rethinking retirement in the UK, which urged the FSA to press ahead with the development of simplified advice. But, speaking to Money […]

‘New business must not adversely affect policyholders’

The regulator has tightened the rules for with-profits providers which write loss-leading new business due to concerns at the impact this could have on existing and future policyholders. Under the revised regulations, published last week, insurers will be forced to demonstrate that writing new with-profits business will not adversely affect policyholders’ interests. The FSA says […]

Ashby to run Ignis income

Ignis Asset Management has recruited former LV= head of UK equities Graham Ashby to run its £90.6m UK equity income fund. Ashby will replace current manager Martin Brown this week. Brown is set to leave Ignis later in the year. Last month, the portfolio was placed on Principal Investment Management’s Black List of consistent underperformers. […]


FSA repeats provider influence concerns

The FSA has again raised concerns about product providers’ influence on advisers and the emergence of potential biases post-RDR. In the FSA’s retail conduct risk outlook, published today, the regulator reiterated concerns it raised in last year’s outlook around provider influence, sales biases and ongoing services. The FSA says providers could look to offer inducements […]

Large-cap growth alpha thesis: seeking risk-adjusted excess returns

Content supplied by Loomis, Sayles & Company — an affiliate of Natixis Global Asset Management For mutual fund investors and managers of large pensions or endowments, a major challenge is to identify those portfolio managers who are most likely to deliver superior risk-adjusted returns in the future. Understanding how an investment philosophy informs a manager’s decision […]


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