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Portman purchase of Sun Bank gets OK from DTI

Portman Building Society&#39s £95m purchase of Sun Bank has been cleared by the Department of Trade and Industry.

The deal announced in September, which sees Portman buying the specialist lender from parent company Sun Life Financial of Canada, adds almost £1bn to Portman&#39s mortgage book.

Sun Bank, with 75,000 customers and total assets of around £1.2bn, specialises in buy-to-let loans and is a leader player in the complex prime market.

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HBOS will merge brands in bid to be top-five player

HBOS is pitching to become a top five player in the retail investment market with the launch of a new giant asset management arm in the fourth quarter of next year.The new firm will bring together the investment operations of Halifax, Clerical Medical and Equitable Life, and will begin with a series of fund mergers […]

Association of Friendy Societies appoints new president

The association of Friendly Societies has elected Colin Paskell as president. Paskell, chief executive of the druids Sheffield Friendly Society replaces Family Assurance Friendly Society chief executive John Reeve.Paskell says: “I see a great future for the movement, particularly working with the Government in their aspirations to help people from all walks of life to […]

Report criticises quality of wealth management

Many wealth management companies are failing to target the right customers, understand their needs or offer them the proper services, claims a report by IBM.The report, co-authored by Professor Merlin Stone and IBM, suggests that many wealth management firms are simply “window dressing” basic financial products.It claims firms are too often content to see wealth […]

Exeter doubles up with Oeic

Exeter Fund Managers has introduced its second Oeic &#45 the hidden value portfolio. The fund is a departure from the company&#39s first Oeic, which invests in zero-dividend preference shares, as it invests in UK stocks. There will be a concentrated portfolio of between 30 and 40 stocks selected by using a blend of stockpicking techniques. […]

Auto-enrolment: tips for employers

The Pensions Regulator (TPR) has released advice on communications for employers, including three tips to help you with your auto-enrolment duties. 1. Allow enough time to select your pension schemeIt’s recommended that you start to prepare for auto-enrolment at least 12 months in advance of your staging date; additionally, give yourself time to choose the […]

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