View more on these topics

N&P scraps intermediary arm

Norwich & Peterbrough has written to advisers to inform them that its intermediary arm, Astra Mortgages, has been closed to new business.

The building society says the subsidiary will close to business from June 24.

Astra was launched in 2008. The mutual has blamed the downgrade by Moody’s in April for the move, informing advisers that a lower credit rating has made it tougher to secure funds.

N&P says that when the market recovers, it plans to re-open Astra.

N&P business manager Scott Taylor-Barr wrote: “We have always lent sensibly and run our business prudently within the resources available to us but the recent downgrading from Moodys is having an impact on wholesale funding and Astra’s ability to lend.

“The increased cost of funding has cut our profits and limited our ability to expand our lending.

“Although Fitch has subsequently confirmed N&P’s long-term credit rating, we cannot see the wholesale funding market position changing soon and have decided to focus on providing mortgages through N&P retail channels by retail deposits.

“N&P will however remain open for Commercial Mortgage business from intermediaries.”


Horlick fights for control of Bramdean Alternatives

Nicola Horlick, chief executive officer of Bramdean Asset Management, has been revealed as a rival bidder for Bramdean Alternatives.The investment trust announced to the London Stock Exchange that it had received an approach from Petersfield Asset Management, a company which is beneficially owned by Horlick.As reported on Fund Strategy online, Elsina, the investment vehicle of […]

East side story

Emerging markets represent around 75 per cent of the global land mass and over 80 per cent of the world’s population. One in every five people in the world is Chinese and one in six is Indian.

The fifteen-year itch

By Neil Jones Technical support manager with Canada Life’s ican Technical Services Team. Canada Life offers a range of wealth management solutions, including retirement income planning, estate planning and investment solutions from a choice of jurisdictions, including the UK, Isle of Man and Republic of Ireland. The treatment of non-UK domiciles that are resident in […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment