HBOS has admitted that some aspects of its experimental mortgage retention strategy introduced last year have failed to deliver, leading to an expected drop in net lending share to less than 10 per cent for the first half of this year.
Alliance & Leicester has appointed group finance director David Bennett as group chief executive, effective from July 27.Former group chief executive Richard Pym asked the board in February to consider his successor, resulting in a search of external and internal candidates. He will retire from the board on July 27. Current managing director, retail banking […]
The ABI has launched a review of its life and pension fund sectors which categorises over 6,000 unit-linked life and pension funds. The sectors enable advisers and consumers to compare similar funds on a like-for-like basis, and are independently monitored by the ABI.Over £500bn of assets are managed in these funds and the review has […]
By Rob Burnett, Manager of the Neptune European Opportunities Fund In recent weeks, the bear case for European equities has become more pronounced on the back of weaker-than-expected GDP data and deflation concerns. This softening in economic momentum has led some investors to question whether the ECB is behind the curve and indeed whether it […]
The total sum of missing pension savings has been estimated to be worth nearly £20bn in research carried out for the Association of British Insurers. The Pensions Policy Institute surveyed firms representing about 50 per cent of the private defined contribution pensions market and finds there are 800,000 lost pensions worth an estimated £9.7bn. It […]
Fundsmith has raised more than £800m for the launch of its new investment trust, Smithson. Trading for the new vehicle overseen by star manager Terry Smith, who put £25m of his own cash into the project, is expected to go live on Friday. Fundsmith plans to target smaller and mid cap opportunities with the investment trust, […]
The acquisition of fellow wealth manager Speirs & Jeffrey has helped boost assets under management at Rathbones by £6bn, the firm’s latest results show. Rathbones’ funds at the end of the third quarter stood at £47.3bn after bolting on £6.7bn from the merger. Without the acquisition, Rathbones says it would have reported a 1.8 per cent […]