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Phoenix pressing ahead with acquisition plans

Phoenix is pursuing an aggressive acquisition strategy and predicts a number of companies running closed funds will look to offload their books.

The firm’s 2010 results show an £81m fall in profits, from £469m to £388m, which it attributes to a one-off longevity inflation in 2009.

Group chairman Ron Sandler says: “We expect to grow further by acquisition. There are hundreds of billions of pounds in closed or quasi-closed life funds, particularly in the with-profits sector. We are aware that current operators of those funds are reviewing whether they want to continue to apply scarce capital to maintain this line of business and we expect that many will decide they want to exit.”



Plutus taps into a wealth of knowledge

Plutus Wealth was established in 2008, aiming to bring something new to an industry that – fairly or unfairly – has had a reputation for being slow to change. It aimed to attract a new generation of clients while retaining its existing client base. This meant presenting a fresh and modern approach – no mean […]

Rob Reid, Director, The Ideas Lab

No room for time wasters

After months of reading how unfair it is that the advisers have to pass examinations, it is refreshing to read a diary from someone who is committed to getting on with the job in hand. Of everything we have at our disposal, time is the most precious asset, without exception. There is just 21 months […]

OBR optimism on growth baffles MP and economist

Treasury select committee member Andy Love believes the independence of the Office of Budget Responsibility could be called into question if it continues to issue “optimistic” forecasts. The OBR has revised down its annual forecast for UK growth in 2011 from 2.1 per cent to 1.7 per cent. It then expects growth of 2.5 per […]


StartUp scheme backs young entrepreneurs

A group of private sector executives has established StartUp Britain, which offers up to £1,500 worth of special offers to people setting up a new business. The initiative is backed by 60 global brands, including Axa, Barclays, BlackBerry and Google, as well as the Government. The Treasury is also planning to introduce a 50 per […]

Industry under fire over pension freedoms

By Jamie Clark, Business Development Manager, Royal London Recent articles in the media have raised concerns about the new pension freedoms. One perceived problem is that across the industry, trustees and providers are not necessarily allowing people to take full advantage of the pension freedoms in situ. This is backed up by a recent survey by […]


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