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The Daley Update

SG Asset Management is combining its European and technology funds within its new EuroTech Isa. The Isa will have a 2 per cent discount until April 5, 2001, reducing the initial charge to 3.25 per cent. It is part of a drive to boost the popularity of SGAM&#39s AA-rated European fund, which has been in the shadow of the popular technology fund. SGAM will also launch a global fund of funds at the beginning of next month.

Schroder has appointed David Gasparro as head of retail investment. Gasparro, who moves from Schroder&#39s Investment Strategy Unit, will be responsible for the performance of the retail funds worldwide.

Ruth Clarke has joined Cofunds as chief operating officer. She was previously a director of sales and marketing at CGU but left the company during its merger with Norwich Union this summer. She will be responsible for the marketing of Cofunds&#39 customer services. The appoint-ment comes as part of a recruitment drive by chief executive Sam Jensen, who plans to build the staff to around 70.

EMX, the online messaging exchange for trading investment funds, is teaming up with several similar global platforms to allow UK investors to trade in funds across the globe. The joint venture will develop EMX to make it compatible with trading platforms such as Crest and Swift, and aims to reduce costs and speed up global investment transactions.

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The Mortgage Operation – Self Cert Fix

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Newcastle introduces RESI bond IV and V

Newcastle Building Society is bringing in two new issues of its residential enhanced secure indexed (RESI) bond.Issue four and issue five of the RESI bond are three-year guaranteed equity bonds which track the Halifax house prices index. The index follows changes in average house prices across the UK every month.Issue four will offer an interest […]

Industry clashes with policyholders over the scale of misselling

IFAs are backing the FSA&#39s decision not to conduct a full-scale review into mortgage endowments.They believe the FSA is finally beginning to accept the poor performance of products can be the result of changing financial conditions and is not in itself evidence of misselling. Yet pressure is mounting from consumer groups for the FSA to […]

Sofa chairman is elected vice-president of CII

Scottish Equitable&#39s IFA training manager and Sofa chairman Peter Williams has been elected a vice-president of the Chartered Insurance Institute.Williams was chosen at the annual general meeting held during the institute&#39s conference last week.He is the first chairman of Sofa to be appointed CII vice-president and believes this shows Sofa&#39s coming of age in the […]

Is volatility dead? No, sell credit

There are several arguments that one could currently make for why credit markets look unattractive. These include signals that the US economy is in late cycle, the fact that corporate leverage has been increasing (with 2016 setting a record for the amount of global bond issuance), and that US high-yield default rates have risen considerably […]

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