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Six fund firms to rescue EMX if rights issue fails

Six of the UK&#39s biggest fund providers are to step in and save EMX if its rights issue fails to raise a minimum of £6m over the next two weeks.

EMX has appointed a new chief executive and redesigned its business plan following failed attempts to get the rights issue under way as planned in the winter.

Former chief executive officer Caroline Lee has been replaced by Phil Wise. He joins EMX from Halifax where he was chief operating officer for the group treasury and wholesale banking division.

The rights issue will go ahead over the next fortnight, closing on March 28. The aim is to raise £8.5m.

Threadneedle, Fidelity, M&G, Scottish Widows, Standard Life and Invesco say they will rescue the project if it fails to raise at least £6m.

EMX chairman Nicholas Durlacher says: “Caroline&#39s skills were extremely good for establishing the company and ensuring we launched on time and on budget but she accepts that the board needs to refocus the company so we can build the company and market it effectively so that we achievesustainability.”

EMX member Schroders is not taking up its allotment in the rig hts issue although it says it may review its decision. Director Robin Stoakley says: “I do not think there will be any more incentive for people to participate in the rights issue. It is likely that these six companies will end up putting up most of the funding.”


Pru bond revamp gives higher income option

Prudential is introducing an option within its Prudence bond which offers a higher annual bonus for investors seeking a regular income. The Optimum bonus bond gives investors a higher annual bonus by investing in funds weighted towards fixed-interest securities such as corporate bonds and gilts. The existing Prudence with-profits bond will be renamed the Optimum […]

Norwich Union sustains future

NORWICH UNION Sustainable Future Fund Type: Oeic. Aim: Growth by investing in socially responsible companies via Norwich Union funds. Minimum investment: Lump sum £500 monthly £50. Investment split: Any proportion of corporate bond, UK growth, absolute growth, global growth, managed and European growth. Isa link: Yes. Pep transfers: Yes except absolute growth and global growth. […]

Gartmore takes share of Inter-Alliance

Investment house Gartmore has taken a 12.11 per cent shareholding in IFA group Inter-Alliance through 21 of its funds. The investment represents the aggregation of 21 funds managed by Gartmore and its subsidiary Fenplace. Gartmore says it sees Inter-Alliance as an attractive investment because of its use of technology to improve productivity, its commitment to […]

Tories in pledge to axe LTC asset rule

The Tories have pledged to allow people to keep their assets after their long-term care cover cash runs out. In a speech to the free market thinktank Politeia in London last week, Tory Shadow Health Secretary Dr Liam Fox said Labour punishes people who take out LTC cover by forcing them to surrender their assets […]


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