Old Mutual says it is looking at improving its 3.1bn cash and stock offer for Skandia.Old Mutual believes it has the support of the majority of the big shareholders it has held discussions with and expects to table a formal offer shortly. The deal outlined comprises a 40 per cent cash offer of 308p per share, with the remaining 60 per cent paid for in stock. Although Old Mutual believes it can garner considerable support for the bid, it says it is considering “selected modifications” to the offer to secure the Skandia board’s backing. The Skandia board is bel-ieved to be holding out for a higher bid but has not yet had formal offers despite a host of suitors being linked to the firm. Since Old Mutual first notified the market of its interest, Skandia’s share price has risen by almost 20 per cent and is now trading fractionally below the 309p offer price. An Old Mutual spokesman says: “Old Mutual is considering selected modifications to the proposal to address issues raised by the board of Skandia.” A Skandia spokesman says: “Discussions with Old Mutual are continuing.”
A Department of Trade and Industry decision to exempt general insurance and mortgage advisers from having to file a statutory audit should be extended to include the majority of advisers, according to a compliance expert. The DTI says amendments to the Companies Act 1985 mean that from October, general insurance and mortgage advisers will only […]
How do we penalise women’s pensions? Let me count the number of ways:1: Designed for another era2: Ten-year rule3: Part-time work and low pay4: Home responsibility protection inadequate5: Tax relief6: Occupational pensions7: Pension credit8: Contracting out9: Annuities10: Reliance on husband’s pensionThe idea of a citizen’s pension, earned in their own right, by everyone who lives […]
Standard Life is to target IFAs with an online banner campaign encouraging them to use online aggregation services that can collate valuations on clients complete portfolios instantly.
Two weeks ago, I looked at some of the arguments for and against fund management groups, recognising that the majority of new fund business is being originated via fund supermarkets and achieving economies by dismantling their own distribution operations both for direct business and advisers.
Watch Felix Wintle, head of US equities at Neptune, discuss why he believes US equities are in a structural bull market and the key factors that can drive the S&P 500 higher.
In the video, Wintle addresses the following:
• The US market and why — despite equities rising from 2009 — he believes the structural bull market only started in 2013
• Key economic and corporate factors that can drive the S&P 500 higher
• Investment themes and sectors offering exposure to the domestic recovery
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Another investment manager offering enterprise investment schemes has alerted clients of a 10 per cent drop in value for one of its portfolios following new Mifid rules. Mifid II, which came into force on 3 January, requires firms to notify clients when the overall value of their portfolio, relative to its value at the beginning of each reporting […]
The recent enquiry by the work and pensions select committee has reignited the debate about the future of collective defined contribution schemes. Whether these sort of schemes can be incorporated into the current UK pensions landscape is a moot point. Let’s consider some of the arguments for and against CDC. First of all, it is […]
Retirement interest-only mortgages are set to become more popular following the FCA removing hurdles to selling them. The regulator sees RIO mortgages as a possible aid to the waves of maturing interest-only loans with no repayment strategy. However, the FCA also wants RIO mortgages to be sold more widely, for example as an additional option […]