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Perpetual close to deal with Amvescap

Fund manager Perpetual is on the verge of being taken over by US based rival Amvescap the Times reports today.

The deal is reportedly worth £1.3bn. Perpetual founder and leading shareholder Martyn Arbib has been offered a premium of £45 per share by Amvescap, valuing his family&#39s holding at £587m.

Amvescap has more than £250bn under management while Perpetual has been valued at £1.04bn. After the announcement was made today Perpetual shares jumped 597p to £41.87.

Perpetual has languished recently, and has been accused by industry sources as missing the boat on the technology boom. Its flagship funds have suffered resulting in a withdrawal of business from IFAs.

US based Amvescap enjoyed strong growth in the first quarter, but is struggling with an identity problem in this country. That would be easily resolved with the acquisition of Perpetual which is well-known in the UK.


Halifax to patent internet bank products

Halifax is planning to patent the account design and software for its new internet bank, Intelligent Finance.The bank claims its ideas are so exciting that it needs a patent to protect others from mimicking them.It will not release the revolutionary features until its inception in July, however, industry commentators are sceptical says the Financial Times […]

Goodfellows offers 20% protection commission

Specialist underwriting agency Goodfellows is offering a disabilityprotection package paying 20 per cent commission.Disability Safe aims to provide an “all needs covered” disability packagecovering accidental death, income protec- tion and permanent disability.Goodfellows says the 20 per cent commission level compares favourablywith equivalent products which pay 12 per cent.The company says Lloyd&#39s is underwriting the product […]

A good crop on the pharm

Picture a world where there are double the number of people between 40 and75 than at present, a world where these people consume five times moremedicines than younger people and where an increasing number of diseasesand medical conditions are curable.The year 2050 or beyond?No, this could happen within the next 20 years.Such is the pace […]

Bank of Ireland share price drops

The Bank of Ireland share price lost 9 per cent of its value in trading yesterday dropping to 710p.This is despite enjoying growth in pre-tax profits of 10 per cent to £550m in the year ending March 31. Many analysts had been expecting more however, which accounts for the loss on the markets.Bank of Ireland […]

Harris Associates' view on the UK’s vote to leave the EU

By David Herro, Partner, Deputy Chairman, Portfolio Manager and Chief Investment Officer of International Equity at Harris Associates Britain’s vote to exit the European Union has led to significant uncertainty across global markets. We believe market impact of this uncertainty, though severe, is more of a shorter-term phenomenon which will provide an opportunity for long-term […]


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