The Prudential has announced a 27 per cent drop in group wide operating profit for 2003 to £794m from £1.1bn in 2002 at the same time as some UK with-profits policyholders see a drop in their regular bonuses. While annual bonus rates on the Prudence bond and with-profits endowments are unchanged, there has been a cut in personal pensions bonuses to 3.25 per cent from 3.5 per cent. The UK life fund free asset ratio rose to 10.5 per cent at the end of 2003 from 8.4 per cent at the end of 2002.
Legal & General supporting the development of long-term fixed-rate mortgage funding across Europe. Financial economist Andrew Clare says the implementation of such a system in the UK, being considered by Professor David Miles for the Treasury, makes sense but he is more concerned about Europe's mortgage market, which he says needs major attention. He is […]
Interviewing Christopher Rodrigues in the week that Bradford & Bingley's preliminary results come out was always going to be a hectic affair but the man seems remarkably calm, despite having been in back-to-back meetings all day. The relaxed air is also impressive given that the results are something of a mixed bag, with good performances […]
Downing Corporate Finance is raising up to £1,98m to top up the Electra kingsway venture capital trust (VCT). Electra kingsway was established in September 2001 and is managed by Electra Partners. It invests in a portfolio of unquoted and developing companies that are listed on the alternative investment market (AIM). The top-up investment will allow […]
New retail sales of investment funds fell in January but were still double those at the same time last year, according to the IMA. Its monthly statistics show that sales slid to £505m last month from £844m in December 2003 although this was still far in excess of January 2003, when sales were just £249m. […]
Artemis Income Fund manager Nick Shenton discusses the state of the UK equity income market with journalist Alexis Xydias. With the first three months of 2015 showing strong returns for both the Artemis Income Fund and UK markets generally, Nick Shenton discusses the fund’s top contributors – including overseas holdings Novartis and Bayer – and […]
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Claims management companies must be more specific on separate permissions and competency when they under the remit of the FCA, according to HM Treasury. Under rules proposed in the Treasury’s latest consultation paper, claims management companies will operate under six sectors – housing disrepair, industrial injuries disablement benefit, personal industry, financial products and services, criminal […]
Knowing what assets each operator will accept and with what conditions is becoming increasingly difficult The recent well-publicised events concerning Sipp operator asset acceptance have focused the mind of a number of advisers. We have been fielding enquiries about our own Sipp and the asset classes we as a Sipp operator would consider. But this […]
Investment trust sales may come under pressure due to new EU rules, experts have warned. The potential benefits of gearing on investment trusts risk being overlooked as new cost reporting rules make them look more expensive compared with open-ended funds. Traditionally, closed-ended funds have looked attractive based on lower costs compared with other structures, as […]