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Syndicate seeks Aim listing

Syndicate Asset Management is seeking an Aim listing having raised 33m at 60p per share in pre-IPO financing. It has also bought advice and asset management business Ashcourt Holdings for 12.9m, conditional on its admission to Aim. Ashcourt was started in 1994 as the asset management division of a firm of solicitors while Syndicate is a strategic investment company seeking to build a fund management firm by consolidating a number of smaller fund management businesses.

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Citizens Advice wants OFT to probe payment protection

Citizens Advice is calling on the Office of Fair Trading to investigate payment protection insurance, claiming it is bad value. The consumer organisation says the product, which produces annual revenues in excess of 5bn, is often highly expensive and excludes many of the most common situations that lead to debt problems. It claims that banks, […]

Protection rates likely to rise in wake of hurricane

Life and protection rates are likely to rise in the aftermath of Hurricane Katrina, says Scottish Widows marketing director, protection, Nick Kirwan. He predicts that rates will inevitably be raised in the UK as well as the US, as reinsurers face a massive hit on capital and a reduction in capacity. Other insurers say they […]

Tesco ditches NU for Direct Line

Tesco Personal Finance has dropped its controversial link-up with Norwich Union as life and general insurance product provider, replacing it with Direct Line. In assessing the pitches of various providers, Tesco PF says NU was unable to provide the speed of processing and customer interfacing it requires to drive its business forward. NU attracted criticism […]

Multi-manager View: Bulk versus boutique

The polarisation of the fund management industry continues unabated. The middle ground is fast being vacated, as houses decide whether to opt for bulk and enjoy the benefits of greater distribution or alternatively follow the boutique route.

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