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Ten years after

Troglodytes, antediluvians, dinosaurs, fossils. Perhaps that is taking it a little bit too far but the Pensions Protection Investments Accreditation Board&#39s chief executive John Cox believes the leadership of the insurance industry is 10 years behind the times. Good to see Cox proving his independence but perhaps a little harsh.

What about those wise owls in the telecoms sector who bought the 3G licences, those forward-thinkers in the vanguard of the internet revolution or the men who ran the railways as a property business?

Ten years behind the times or 10 years in front, many of them were rubbish. Those insurance industry leaders will have the chance in the next few months to prove their mettle in the modern world. But they may just age another 10 years in the process along with the rest of us.


Tilney now &#39asset management business&#39

Tilney Investment Management has sold its back-office clearance and settlement systems to the UK subsidiary of the Bank of New York for an undisclosed sum.The newly enlarged company, BNY Securities, will have Tilney as its first customer, providing clearing services to the fund manager.Tilney says the deal marks the transition of the company from a […]

Red light wants EIS green light

Stars including Reservoir Dogs&#39 Michael Madsen are seeking financing through a UK Enterprise Invest-ment Scheme to produce Red Light Runners, a Lon-don-based heist caper film.Budgeted at £8m, the film needs to attract an initial £2m – the minimum to cover the production costs of a straight-to-video film – by July 17 before its producers can […]

Misys predicts 25 per cent growth in financial services profits

Misys says it expects profits for its financial services division to be between 25 per cent and 30 per cent up on last year. In a trading statement for the year to May 31, Misys said the product provider investment in Assureweb meant the portal broke even in the second half of the year.

Norwich Union adding to MVR

Norwich Union has increased its market value reduction and extended it to pension products dating back to 1989 as a result of continued falling stockmarkets.The move comes as the insurer is being criticised for parent company CGNU using £2bn of future profits in its 2001 returns.The company argues that this strategy is better than having […]


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