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Old Mutual’s Skandia offer goes ‘wholly unconditional’

Old Mutual has declared its offer for Skandia as wholly unconditional remaining open until February 9, with final settlement expected by February 17 2006.

72.3 per cent of Skandia’s shareholders have now accepted the offer, with the firm announcing an extraodinary general meeting for February 21, to elect a new board. Skandia’s UK arm says it welcomes the resolution of the group ownership issues and looks forward to working with the new Skandia board.

Skandia UK managing director Nick Poyntz-Wright says: “The period of speculation regarding a bid for the Skandia Group, which began in May 2005, did not in any way cause the UK management to take our eyes off the ball in terms of continuing to build a strong business. However, we welcome the fact that the matter has now been resolved.”

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Hughes heads HSBC multi team

HSBC Investments has poached James Hughes and Nicholas Pothier from Axa Investment Management to beef up it multi-manager team. Hughes will head the team with Pothier joining as a portfolio manager.

Cofunds appoints head of strategic development and marketing

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MPPI sales fell in 2005

Three-quarters of intermediaries saw falling MPPI sales in the second half of last year, according to Paymentshield.Of the 100 IFAs interviewed, 40 per cent attributed the drop to external market forces such as a slowdown in the housing market. But regulation is also having an effect, with 39 per cent of advisers saying they have […]

India Election Update

What a difference six months makes. Speaking in September last year, we had warned of ‘excessive pessimism’ afflicting the market’s perception of India. Since then, responsible central bank policy from the Reserve Bank of India (RBI), alongside improving global growth, has meant that India’s macro environment is strengthening quickly. The current account deficit has shrunk, inflation is falling and the government has embarked on a heavy dose of much needed fiscal consolidation. As a result, the rupee has been one of the strongest global currencies this year while the market has touched all-time highs, rallying by more than 20 per cent (GBP) since September. This begs the question: are we now in a period of ‘irrational exuberance’? Not yet.

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