View more on these topics

Old Mutual pays £70m to take over CCM

Old Mutual is to buy private-client stockbroker Capel-Cure Myers in a deal believed to be worth £70m.

Last week, Money Marketing revealed that South Africa-based Old Mutual was in exclusive negotiations to buy CCM, which has £5bn in funds under management.

CCM has been up for sale since August after a deal between its Canadian owners CIG and ABN Amro collapsed.

Old Mutual says it has no plans to merge the businesses although there will be joint marketing initiatives.

CCM chief executive Mike Jones says there will be no redundancies.

The deal brings Old Mutual&#39s total funds under management outside South Africa to £10.3bn.

Jones says: "We will continue trading as Capel-Cure Myers as part of the Old Mutual group."

Old Mutual managing director Garth Griffin says the deal will "bring added focus to our penetration of the upper end of the retail investment market in the UK and elsewhere".

Old Mutual will not disclose the sale price.

But UBS analyst Martin Cross says: "CCM has been up for sale for £50m-£100m for two to three years. It does not look expensive."

Recommended

KEITH BALDWIN

Keith Baldwin must be one of the great survivors. Throughout the turbulent history of Allied Dunbar – it began as Hambro Life, was bought out by BAT, joined umbrella group BAFS, became a single marketing group with Threadneedle and recently saw its parent merge with Zurich – many have come and gone. Clever men such […]

Pleas are spurned for guidelines on drawdown yield

Pension experts&#39 calls for guidelines on how to calculate the critical yield for income-drawdown products are being ignored by the PIA. Life offices use different methods to calculate the critical yield – the amount that investments must grow by to ensure that a client is not worse off than if they had taken an annuity. […]

&#3950% of public aware of ISAs&#39

Commercial Union figures reveal that half the public claim to know about the Individual Savings Account. The ISA, which will replace Peps and Tessas in April 1999, is only in the consultation phase of development but 49 per cent of people polled say they know details of the product. The figure is slightly higher for […]

Decisions are based on &#39false&#39 return figures

On April 17, Standard Life issued a with-profits endowment policy maturity value quotation of £17,200 at 5 per cent a year return and £17,600 at 10 per cent a year return. On October 13, I received maturity papers showing an actual value of £18,984 for the maturity date of November 24. How many policyholders cash […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment