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Old Mutual announces details of flotation

Old Mutual has announced details of its stock market flotation in the same week Imro fined its fund management arm for a compliance flop.


The floatation will provide payouts of at least £400 each to around 5,000 UK investors.


The acquisitive company is keen to expand in the UK and has made two major buys within the last two years. It bought Capel Cure Myers for £70m in December 1997 and Albert E Sharp for £40m in September 1998.


Imro fined Old Mutual Fund Managers £20,000 for failing to take all reasonable steps and exercise due diligence to avoid the assets of four unit trusts under its management being incorrectly priced.

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Strong dollar can be a powerful driver of UK dividend growth in 2015

By Robin Geffen, fund manager and CEO 

This year threatens to be a challenging one for UK dividend hunters. Last year saw an all-time record amount paid out in UK dividends — some £97.4bn, according to research from Capita Dividend Monitor. Yet as Capita also pointed out, out the biggest single factor driving the growth in the fourth quarter of last year was easy to identify: the rising US dollar. 

In our view, this trend is much more than simply a one-quarter phenomenon. It is actually the most profound issue to get right as a UK equity income investor in 2015. We believe that the US dollar will continue to strengthen significantly from its current level. This is due more to the US economy’s demonstrable de-coupling from the rest of the world than to a view on the UK. The US has a strong chance of tightening monetary conditions this year without jeopardising growth or de-stabilising its housing market. The same can unfortunately not be said about the UK.

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