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Scottish Widows clinches US deal

Scottish Widows has clinched a two-way fund management deal with top five US insurer and 401(k) pensions player New York Life.

Widows chief executive officer Orie Dudley says the deal with NYL fund management subsidiary MacKay Shields could be the &#34ultimate joint venture.&#34

MacKay Shields will manage Widow&#39s High Income Bond Isa being launched on August 16. In return Widows is set to manage a global equity fund on behalf of the US firm.

The fund will invest up to 80 per cent in US corporate bonds, with the remainder in UK and European government debt. It has a target yield of 8.3 per cent.

Widows says it does not have the depth of expertise to invest in the US corporate bond market but will market and administer the product.

New York Life has £75bn under management and MacKay Shields £20bn.

Scottish Widows Fund Management managing director Jamie MacLeod says: &#34You need a big team of analysts to manage this type of fund. The US corporate bond market is more mature and liquid than the UK&#39s or Europe&#39s.&#34


FSA seek to hold senior executives personally responsible

The FSA is seeking to hold senior bank and life office executives personally accountable for management failings according to the Financial Times.The move, outlined in a report published by the FSA proposes individual directors and senior managers be fined over company failings resulting from mis-management.Under the proposals the regulator would vet executives before they could […]

Societies&#39 mortgage lending soars as rates fall

Building society gross mortgage advances have increased for the secondconsecutive month, rising to £2.66bn in June from £2.37bn in May.The Building Societies Association says the rise is due to mortgage ratesbeing at their lowest levels for 30 years. But it stresses the market isnot gearing up for a 1980s-style housing boom, dismissing fears ofoverheating and […]

Correspondent&#39s Week

As a man who has sat next to a pathologically patriotic Scotsman for thepast 10 months at work, I have had much to endure.Apparently, Scotland, now with its own Parliament, is “Europe&#39s premierrugby side” and was “the dark horse for the Cricket World Cup”.As an Englishman and lover of all things sporting, these constant digs […]

CII widens continuous assessment for AFPC

The Chartered Insurance Institute is expanding its continuous assessmenttuition system for IFAs taking the Advanced FPC exam.The CII says continuous assessment improves IFAs&#39 chances of success withthe AFPC. It currently offers this facility on two AFPC subjects – G10taxation and trusts and G60 pensions.After April&#39s exams, it will extend its continuous assessment tuition toG20 personal […]

Pensions Dashboards around the World

Steve Webb’s latest policy paper British savers risk being left in the ‘slow lane’ unless the UK Government takes a more active role in ensuring the successful delivery of a Pensions Dashboard. The report, ‘Pensions Dashboards around the World’, coincided with a major conference that was held on Monday 16 May and brought together experts […]


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