Eurolife Assurance Group is being forced to sell off Nvesta to cover liabilities and pay compensation to policyholders.EAG went into administration in August when it could not pay a £700,000 instalment of a five-year compensation deal for policyholders who invested £17m in its secured bonds in 1999. Industry sources estimate Nvesta has around £120m in assets under management spread across its book of structured products and this could grow to around £140m by the time the plans mature in 2012. Nvesta claims there is potential to generate more than £2.5m over the next four years from recurring revenue and commission on sales of replacement products to holders of maturing plans. It is looking for an investor to buy its book of business or buy the firm outright. It has 12,000 plan holders, whose products were sold mainly through IFAs. It is issuing an information memorandum subject to interested parties signing a confidentiality agreement. Nvesta finance director Simon Bottomley says it had no alternative but to close to new business and enact a run-off plan. He says: “The sale of Nvesta offers an opportunity for a buyer to fast track into the structured product sector. Alternatively, a buyer with an existing structured product business could take on the book with minimal additional overhead, adding most of the revenue generated to their bottom line.”
A Surrey IFA has set up two internet sites which claim to provide full online advice without the need for face-to-face meetings. Churchouse Financial Planning says most websites claiming to offer online advice only give information and clients are then required to make an appointment with an adviser. The advicemadesimple.com and pensionsmadesimple.com websites say they […]
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Sipps Suffolk Life director of sales and marketing John Moret says regulation could lead to a more coherent approach in the market
FE Alpha Manager Mark Martin assumed management of the multi-cap UK Opportunities Fund at the beginning of February. As manager of the highly regarded UK Mid Cap Fund, Martin has begun restructuring the new portfolio to focus on our very best UK stock ideas from across the FTSE All-Share Index. In this video, update Martin addresses:
– Themes informing the UK Opportunities Fund
– The multi-cap structure of the fund
– UK equity valuations
- Top trends
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