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Portman resists call for rule changes

Portman Building Society yesterday rejected an attempt to make directors more accountable, put forward by an internet-based pressure group.

Mutual Members, led by Tim Tanner, were seeking &#39greater democracy&#39 but were not pushing for demutualisation of Portman.

Portman said the resolutions, which called for greater openness by directors and proposed salaries be determined by members, would not be put to the annual general meeting because they did not have the support of the necessary 500 members.


Portman increases assets in 2000

Portman Building Society increased its total assets by 8 per cent to £6.8bn in 2000 from £6.3bn in 1999. Performance in the savings market increased by 57 per cent with investors depositing £709m in 2000, up from £451m in 1999. But gross residential lending fell 15 per cent to £1.2bn in 2000 from £1.4bn in […]

Aberdeen creates new role for star US manager

Aberdeen Asset Management has appointed star US fund manager Katherine Garrett-Cox as chief investment officer. The newly created position, which was previously incorporated into chief executive Martin Gilbert&#39s role, follows a rapid expansion within the company, including most recently its takeover of Murray Johnstone. Garrett-Cox will surrender her role as head of US equities to […]

Axa – World Opportunities Fund

Monday, 29th January 2001.Aim: Growth by investing in high risk worldwide equity stocks.Minimum investment: Lump sum £1,000, monthly £50.Investment split: 100 per cent in high risk worldwide equity stocks.Isa link: Yes.Pep transfers: No.Charges: Initial 3.5 per cent, annual 1.5 per cent.Commission: Initial 3 per cent, renewal 0.5 per cent.Tel: 01179 890808. 

Society lending down in December

Lending by building societies plummeted at the end of last year with net advances falling by £278m from £961m in November to £683m in December, according to the Building Societies Association. The BSA says the drop reflects the removal of Bradford & Bingley from the monthly survey, following its conversion to plc status at the […]


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