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New Credit Suisse move to sell PPML

Credit Suisse is making a fresh attempt to sell subsidiary Winterthur Life&#39s Sipp administrator PPML.

Winterthur put PPML up for sale in May 2001 following a review of its operations but took it off the market two months later, saying none of the offers had made the grade, citing concerns over continued service as the principal stumbling block.

At that time, PPML had a price tag of around £50m but its current asking price has not been revealed. Money Marketing understands that PPML&#39s owners are not considering a management buyout. PPML is one of the biggest third-party Sipp administrators. Winterthur head of public relations and communications Sandra Fulton says: “We do not comment on market speculation.”

Momentum pensions specialist Mark Stopard says: “PPML has always been a separate business to Winterthur and they obviously think they can get more value out of the company in the open market than by hanging on to it.”


Invesco&#39s trust pays off as share price soars

Invesco has seen its controversial investment in Millfield Group bring big returns as the Millfield share price has leapt by almost 60 per cent since August. The company&#39s share price reached 84.5p on Tuesday this week, a big rise from 49.5p on August 5, when Invesco manager Neil Woodford sparked controversy by pumping millions of […]

Verity&#39s view

The Financial Services Authority&#39s chief executive John Tiner is by no means used to having an easy ride before the Treasury select committee of MPs. Last week, there was another awkward moment. The persistent Jim Cousins, MP, asked Mr Tiner whether he knew how many mortgage endowment policies had been reviewed to check for potential […]

Stavis takes over Fidelity income plus fund from McCarron

Fidelity is handing the management of its income plus fund to John Stavis following current manager Tim McCarron&#39s decision to concentrate on his European mandates. Stavis, who is manager of the growth & income fund, will take the reins of the income plus fund on January 1, having spent the last few weeks working closely […]

John Joseph on Protection

What is our profession all about? I ask that question as, 33 years ago, I started knocking on doors selling dreams – dreams of security in life and dreams of security for one&#39s dependants in the event of one&#39s death. The one thing I did know was that everyone does die and, with only one […]

Certification guide

Guide: how to… certify your pension scheme

Certification is highly complex and surrounded by a minefield of information and auto-enrolment jargon, which can make it very difficult to understand. However, for many employers it is a necessary process that must be executed successfully.


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