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Standard will not sell subsidiaries

Standard Life says it has no plans to sell Standard Life Bank, Standard Life Healthcare or Standard Life Investments as part of its move towards flotation.

The update on the strategic review describes the businesses as profitable and capital-sufficient. It says they are growing well in challenging markets and have demonstrated robust plans for future growth.

Standard Life Canada will be retained and developed but plans to launch a new business in France have been put on hold temporarily.

One industry analyst believes the group may decide to make the subsidiaries investments of a holding company at flotation. He says: “To tidy things up, these businesses could become assets of a holding company and monies then passed from them to the life company. Standard will still own them but they will be just subsidiaries of the shareholder fund, rather than owned by policyholders.”


Paton to join Henderson tech team

Henderson Global Investors has appointed Abbey National&#39s head of North American equities Geoff Paton to its technology team, with global tech fund manager Paul Kleiser poised to announce his retirement. Paton, who managed two tech funds for Abbey National Asset Managers, including a unit trust ranked third in its peer group over the three years […]

Crombie determined to see job through

Standard Life chief executive Sandy Crombie has defended his record, saying the board has asked him to take a demutualisation vote to members and he intends to do so. Despite Crombie and other Standard directors coming under fire from policyholders at the insurer&#39s annual general meeting in Edinburgh on Tuesday, in an interview with Money […]

Broker accuses Halifax of complacency over mortgages

A leading mortgage broker believes Halifax is becoming complacent by failing to price its mortgages aggressively, knowing that business will still come walking in the door. Hamptons International Mortgages technical director Jonathan Cornell says Halifax&#39s recent pricing has not been great as it knows that business inflows will continue but it does not want to […]

Legg Mason thinks small is beautiful

Legg Mason Investments has brought out the Legg Mason US smaller companies fund, an Oeic that aims for growth by investing in US companies with a market cap of up to $2bn. The fund is managed by Royce & Associates, a New-York based subsidiary of Legg Mason Investments. Royce & Associates already manages Legg Mason&#39s […]


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