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Pru to float in New York

Prudential&#39s online bank Egg floatedon the London Stock Exchange this morning. Its shares immediately rose as high as 190p before settling down at 176p as of 10:30 GMT.

The Pru has received 85,000 applications from clients and staff eligible to purchase stock. The rest of the available shares were snapped up by City traders. The release of shares was nine times oversubscribed.

The initial flotation price was set by the company yesterday at 160p which put the value of the bank at £1.35bn.

This is much lower than original estimates which had valued Egg as high as £4bn. That figure was attached before the recent collapse of technology and internet related stocks.


Standard and Poor&#39s lowers rate for top Jupiter fund

Jupiter&#39s Income unit trust has been downgraded by independent analyst Standard & Poor&#39s from the highest rating of triple-A to AA. At the same time, the fund has plummeted to rank 88 out of 91 equity funds in the UK on performance over the last year, according to Standard & Poor. It is still ranked […]

The industry can&#39t afford stakeholder

So now we have been treated to another assassination programme byPanorama, this time on pensions, after the recent cynical offering by thesame programme on the subject of endowment policies.Looking at the financial mechanics of the proposed plans as directed byHMG and considering them in the light of whatI feel are a number ofrelevant industry statistics, […]

£365,000 handshake for Reliance chief Bateup

Reliance Mutual has given chief executive John Bateup a golden handshakeof £365,000 despite a solvency crisis.He was paid the sum last December when Reliance was having to use itswith-profits fund to cover a massive pension misselling liability insubsidiary the British Life Office.Free assets then amounted to £5.4m but £5.3m of this was drawnfrom future profits, […]

Actuaries offer guide to transfers

The Faculty and Institute of Actuaries is publishing a guide outlining thequestions employees should ask before trans- ferring out of theiremployers&#39 occupational pension scheme.The booklet is released at a time when occupational pensions are underincreasingly close scrutiny.The BBC&#39s Panorama programme recently looked at the trend of employersswitch-ing from final-salary schemes to money-purchase plans or grouppersonal […]

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Thinking of expanding overseas?

Whether you’re a small company or an established larger employer, expanding overseas into emerging markets can be an extremely attractive prospect for growing your business. However, with this comes a duty-of-care requirement to any staff based overseas.


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