View more on these topics

Selestia stays on track with sales of £218m

Asset allocation platform Selestia saw new business of £218.3m in 2003 after taking £74m in the final quarter.

It says the results for its second full year keep it on target to reach profitability by 2006 through accumulating assets of between £1.5bn and £2bn.

The Old Mutual-owned platform now has £300m in assets under management while 700 IFAs have signed terms of business contracts with it.

Advisers using Selestia can select between 474 funds from over 45 fund houses. Other offerings include its Sipp service, Marketing director Bill Vasilieff says: “These are excellent results for our second full year of trading and see us steadily gaining market share from our competitors. We are confident that business will continue to grow. We are looking to achieve double the business volume in 2004.”

Recommended

Menu is imminent says FSA

The FSA has confirmed the imminent publication of the menu and says firms will be able to take advantage of depolarisation and the menu by Q4 2004. The news comes as the regulator this morning released its business plan for the financial year 2004/05.

Gartmore outsources admin to HSBC

HSBC is in exclusive discussions to take over the running of Gartmore&#39s back office administration. Under the deal approximately 105 Gartmore staff will transfer to HSBC subject to final negotiations and a staff consultation period. HSBC will then provide transaction processing and related foreign exchange, custody, portfolio and fund accounting and performance measurement for Gartmore&#39s […]

LIA&#39s View – John Ellis

LIA&#39s viewThere have recently been a number of attacks in the press on various aspects of regulation which appear to impinge on the freedom of action of financial services practitioners. The more extreme versions suggest taking cases to the European Court and seeking to have aspects of regulation or consumer protection declared null and void. […]

Baring goes aggressively overweight in the Far East

Baring Asset Management has moved to an aggressively overweight position in Hong Kong and Singapore while maintaining its stance on Japan and emerging markets. BAM says it remains confident that growth in China will, despite predictions to the contrary, continue to grow rapidly, prompting it to maintain its overweight position there. It also believes the […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment