View more on these topics

Pru takes stake as Assureweb raises 7.5m for infrastructure

Prudential has become the sixth product provider to take a stake in Assureweb.

Pru, as predicted by Money Marketing in February, has just taken a 15 per cent stake in the portal service and has provided part of a 7.5m total cash injection.

Existing shareholders Norwich Union, Friends Provident and Aegon Scottish Equitable have also contributed to the latest round of fund-raising which will be used to upgrade Assureweb’s infrastructure.

Scottish Widows and Clerical Medical have not contributed and have seen their stakes in the company reduced as a result.

In a reshuffle at Assureweb, former NU head of e-business Paul Hitchen has joined as chief operating officer and Practiv managing director Andrew Simon joins in the summer in the new role of business development director.

Assureweb’s new IT platform is being developed by Accenture and Microsoft.

Assureweb chief executive officer John Spellman says: “Assureweb has been punching under its weight for some time. Now with the right backing of its shareholders we can start to drive things forward.”

“This investment should enable us to become a real industry utility. It sets out our future intentions to the rest of the market – we intend to see this business grow.”

Recommended

GMAC upgrades website for intermediaries

GMAC-RFC has claimed it has made its on-line system even faster and easier to use.When a packager or intermediary proceeds to an on-line offer, they no longer need to send in a signed paper application form. All that may be required on cases is a fully completed and signed direct debit mandate.When completing the application […]

In Mott we trust

Ian Chimes, former retail managing director of Credit Suisse and now one of the founders of PSigma Asset Management, deserves high praise for persuading Bill Mott to come back into day-today fund management.

On the line

As with investment themes, there are long-term movements in recruitment requirements, within which there are ripples and eddies that are more localised in time and/or geographic location. Knowing where the recruitment market is at any one point in time is useful from both the employees’ or employers’ standpoint, in that it has an impact on […]

Can UK companies satisfy global appetites?

By Mark Martin, Manager of Neptune UK Mid Cap Fund

Rapid economic and income growth is leading to a dramatic shift in diet towards protein products right around the globe. UK companies such as Genus, the world’s largest livestock breeder, are benefiting from this increasing demand. Mark Martin, manager of the Neptune UK Mid Cap Fund, discusses this investment theme.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment