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Old Mutual and BNP lead bids for Deutsche arm

Old Mutual and BNP are bel-ieved to be the front -runners in the bidding for the UK institutional arm of Deutsche Asset Management.

There are thought to be four other groups considering making bids for the business.

Old Mutual said two mon-ths ago that it was looking for a UK acquisition. A question mark now hangs over the management of DWS’s retail funds after Deutsche Asset Management said any plan to sell the UK institutional business will not include the retail arm.

But many funds are managed by the retail business.

DAM has employed consultants Hawkpoint to find potential buyers for its institutional business, taking the managers of DWS’s 18 retail funds. Although a buyer has yet to be found, a deal would leave the retail funds without fund managers. DWS would then have the options of outsourcing management of its funds or recruiting new managers.

DWS saw the departure this week of manager David Haysey, who ran the European growth portfolio. He will be replaced by Paras Anand, who has been running the group’s concentrated European opportunities fund since last May.

Spokeswoman Esther Nass says: “We cannot comment because a decision about the business will not be made until the end of the month.”

Effective Financial Planning managing director David Ell-ingworth says: “This opens a can of worms for DWS. Without knowing who the manag-ers are going to be, it is hard for us to recommend their funds. They are going to see a lot of money walking.”


Francis takes Aviva non-exec role

Former ABI director general Mary Francis has joined the board of Aviva as an independent non-executive director. Francis, who joins on 1 October, is also a non-executive director of the Bank of England and Centrica. Prior to joining the ABI in 1999, she worked for the Treasury and as private secretary to the Prime Minister.

Time to transfer?

In my previous piece in this series of articles examining recent and imminent changes to pension planning, I started to concentrate on issues affecting the decision as to whether or not an early leaver from a final-salary scheme should consider transferring their benefits to a private pension arrangement. I discussed the vital importance of considering […]

Benefits lost since PFS transfer

I refer to the article in Money Marketing where John Ellis takes some unusual stances over important matters to do with commission and the absurd report from the CRA. I have been in corres-pondence with him regarding the fact that the PFS excludes all members below AFPC from the public IFA search facility on its […]

Wagstaff drops plan for investment boutique

Former M&G head of retail Phil Wagstaff has denied industry rumours that he is setting up an investment boutique with high-profile figures former SG Asset Management retail head John Ions and former Invesco Perpetual chief executive Mike Webb. Wagstaff confirmed that the trio had looked at the proposal but had decided against taking the plan […]

Trusts: Easier than you think?

Protection providers often extol the benefits of placing plans in trust. The advantages for clients are widely recognised and numerous – inheritance tax mitigation, avoiding probate delay, controlling claim proceeds, and so the long, familiar list continues. Yet, dismissed as unnecessary form-filling, or simply viewed as irrelevant in the context of a mortgage sale, less […]


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