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New Star loses £10m as online gambling sinks

New Star UK fund managers Stephen Whittaker and James Ridgewell saw almost £10m wiped off the combined value of their funds after online gambling shares plummeted on Monday.

Whittaker’s £390m UK growth fund held a 5.2 per cent weighting in the sector which has since dropped to 2.9 per cent. Ridgewell’s £51m UK special situations fund held a 4.4 per cent stake which sank to 2.3 per cent.

Fidelity, Schroders and Merrill Lynch all have significant holdings in the sector, with Fidelity special situations and European funds among those hit.

Fidelity is the second, fourth and fifth-biggest individual shareholder in Sportingbet, PartyGaming and 888 holdings respectively.

Shares of PartyGaming fell by 58 per cent, 888 Holdings by 26 per cent and Sportingbet by 64 per cent on Monday after the US passed legislation banning online gambling.

A New Star spokesman said: “Stephen is still one of the biggest shareholders in Sportingbet but both managers will hold the stocks for now.”


Royal Liver’s guaranteed CI cover follows ABI guidelines

Royal Liver has released details of its guaranteed critical-illness insurance plan which will comply with new definitions to be introduced by the Association of British Insurers. It will be one of the first providers to introduce the ABI’s new definitions on critical-illness cover, which all providers have to implement by April 2007. The guaranteed critical-illness […]

AMI backs regulator in provider/distributor debate

The Association of Mortgage Intermediaries has announced its support for the Financial Service Authority’s stance on provider/distributor relationships, after the publication of its discussion paper last week.AMI associate director Rob Griffiths says: “The message from the FSA is clear: lenders must look to work in co-operation with intermediaries, taking a more open and long term […]

Senior management reshuffle at HBOS

HBOS has reshuffled its senior management, with mortgages director David Nicholson taking over as retail distribution director. A replacement is expected to be announced shortly. Nicholson replaces Rob Devey, who is moving to HBOS’s insurance and investment unit. A group of former Alexander Forbes directors has set up a professional indemnity brokerage for IFAs. Prime […]

Network Data triples profits

Network Data has more than tripled profits for the first half of this year to 880,000 from 268,000 in the same period last year.

Qatar cover image - thumbnail

White paper — Qatar International Insights

Jelf Employee Benefits highlights new legislation, key requirements and policy considerations when structuring international private medical insurance (IPMI) for expatriate employees in Qatar. This edition will be of particular interest to global human resource directors, compensation and benefits specialists and mobility managers who have employee populations in Qatar.


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