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Schroders&#39 Horsburgh becomes Witan chief

Giant investment trust Witan has appointed Schroders veteran Jim Horsburgh as its first chief executive as part of its bid to boost flagging performance by moving towards a manager of manager approach.

Horsburgh, who was at Schroders for 17 years, will select investment managers across the industry to run different parts of the £1.3bn trust.

The decision could mean Henderson Global Investors, its current manager, loses most if not all of its contract to run Witan.

Horsburgh, who takes up the position on February 2, will be employed directly by Witan and is expected to address its AGM at the end of March.


Standard: End of mutuality?

May 2000: Independent insurance analyst Ned Cazalet says Standard Life would be worth £16bn if it demutualised.June 2000: Standard Life sees off carpetbagger Fred Woollard, with 53.4 per cent of the 1.1 million policyholder vote supporting continued mutuality.December 2001: Iain Lumsden takes over as chief executive following the retirement of Scott Bell.May 2002: Finance director […]

IFA uses Tax Act to invest pensions in residential property

Midlands IFA Central Financial Planning says a section of the Income & Corporation Taxes Act 1988 has allowed it to develop an approved company pension scheme that can invest in residential property.The self-invested benefit arrangement allows company directors to receive normal pension tax reliefs on their contributions but invest without any restrictions.The Inland Revenue has […]

Laundry lapses cost Bank of Scotland £1.25m fine

The FSA has fined Bank of Scotland £1.25m for failing to keep proper records of customer identification for money-laundering rules.An FSA investigation confirmed weaknesses in BoS&#39s record keeping systems and controls across its retail, corporate and business banking divisions.The FSA says in over half the sample of accounts it tested in late 2002, BoS had […]

And the loser is…

Life office chief executives around the UK this week will be shuddering at the thought of winning the CE of the year gong at the IFA and Provider Awards of a downmarket rival in 2004 after last year&#39s winner took an early bath last week.Compared by some to the infamous football club chairman&#39s vote of […]

Retirement - thumbnail

A downhill stroll?

The Department for Work and Pensions (DWP) has recently published new research, which once again demonstrates how the prospect of retirement is changing for older workers.


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