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Profits fall at Schroders

Schroders underlying asset management profit has fallen to £46.8 million for the first half of this year from £74.2m for the same period last year. Its pre-tax profit for the six months to June 30 fell to £20.5m from £41.5m last year and revenues dropped to £250.1m from £276.6m in 2001. It attributes this to sharp falls in equity markets and to restructuring its business, upgrading its technology platform and outsourcing admin. It is currently in advanced negotiations to sell Schroder Pensions, its defined contribution administration platform.

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IFA caution shows in Fidelity sales

Fidelity believes IFAs are more bearish about the stockmarket than their clients in the light of figures which show its adviser sales have fallen by comparison with its direct channel. The company claims there are signs of significant divergence between IFA and consumer confidence as its month-on-month and year-on-year figures show direct sales rising relative […]

Misys cash incentives aim to bring in new IFAs

Misys IFA Services is offering IFAs golden hello cash incentives to attract new blood and expand the business in the run-up to its flotation within the next two years. Potential members, as well as existing members looking to expand, can claim £7,500 for the first new RI and £2,500 for each subsequent RI brought into […]

Ruling leaves Abbey Nat facing £10m payout

Abbey National faces payouts totalling up to £10m to 20,000 customers after the Financial Ombudsman upheld a complaint over mortgage pricing. The ruling against Abbey&#39s “dual-pricing” policy follows a customer complaint that a cashback mortgage deal remained linked to the standard variable rate of 7 per cent despite offering its cheaper Classic base rate tracker […]

Life in the fast lane

Life insurance has been the foundation stone of our industry for many years as most customers need some form of life cover as the building block of their financial planning. But while the industry has been innovative with the products on offer, with simple term insurance developing into critical-illness cover, income replacement, waiver and others, […]

Don’t play chicken with the Bank of Japan

By Josh Ausden, Head of Client Investment Strategy, Neptune Short-term yen strength has hurt the Neptune Japan Opportunities Fund but recent events have only added weight to our conviction that the Bank of Japan will act to ease policy, boosting multinationals’ profits and weakening the yen. In recent weeks the performance of the Japanese stockmarket […]

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