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Reshuffle spells new order for financial services

Yesterdays Government reshuffle spelt all change again for the financial services industry.

Among the newcomers is Blair babe Melanie Johnson who takes over from Patricia Hewitt as Treasury economic secretary.

After just one year in the job as Hewitt moves to the Department of Trade and Industry as minister of state. She is joined at the DTI by her Treasury predecessor Helen Liddell.

The reshuffle also heralded the arrival of the third new pensions minister in under a year, with Jeff Rooker becoming minister of state for social security. He moves to the role from the ministry of agriculture, fisheries and foods.

Former pensions minister Stephen Timms becomes financial secretary at the Treasury.


Exeter Investment Group appoints new chief exec

Fund managers Exeter Investment Group has appointed a Martin Kemp-Gee as its new chief executive.Kemp-Gee joins the group on September 1. He replace current chief executive Ian Henderson with effect from October 1.Kemp-Gee is currently a director of the Gerrard Group and has been the chairman of Greig Middleton since 1986.

Aberdeen Technology and Income Trust raises £200m

Aberdeen Asset Management has raised £200m for its Technology and Income Trust of which £90m is from bank borrowings.It has two share classes with 55 per cent of the equity issued as ordinary shares yielding an estimated 8.6 per cent. The remaining 45 per cent will take the form of income shares yielding 6.5 per […]

Halifax announces 5 per cent increase in profits

The Halifax has announced a 5 per cent rise in the group&#39s pre-tax profits for the first six months of the year.The group saw profits rise by £42m to £885m from £843m for the same period last year. In line with its strategy the group reported that 35 per cent of the total profit now […]

Industry trade bodies discuss merger

The new director general of the ABI is planning a radical shake up of the financial services industry trade bodies according to a report in today&#39s Daily Telegraph.The ABI&#39s Mary Francis aims to forge a three way merger creating a &#39super trade body,&#39 which will consist of the ABI, Autif and the British Bankers Association.The […]


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