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The Daley Update

Equity & bond inc-ome manager Patrick Harrington is moving to Henderson

after 12 years at M&G. He will head the UK equity income desk, working

alongside head of retail Richard Prew, who was recruited from Norwich Union

at the end of last year. M&G&#39s Richard Placket will take over the extra

income portfolio while Richard Hughes will be responsible for Charifund.

Neville James has introduced a new commission structure offering up to 4

per cent initial with 0.5 per cent trail on zero preference and secure

capital growth funds. The SCG fund has the option of up to 5 per cent

initial for those not taking trail. On the with-profits plus fund, IFAs

taking 0.5 per cent trail can take up to 3 per cent initial while those not

taking trail can get 5 per cent.

Invesco Perpetual is to launch a new aggressively managed UK unit trust

next week, to be run by star managers Stephen Whittaker and Ed Burke. The

UK aggressive fund will aim to double money over a three-year period.

Initial charge of 5.26 per cent and annual 1.5 per cent. Commission is 3

per cent initial with 0.5 per cent trail. Minimum investment is £1,000.


Minister says firms competing under 1%

New pensions minister Ian McCartney says the debate on stakeholder is nolonger about 1 per cent but about how low charges can go. In an exclusive article for Money Marketing, McCartney says stakeholder is“exerting a powerful and positive influence”. He says the debate is“focusing on how low providers can go, with schemes being set up […]

Endowment complaints up 300%

Complaints over mortgage endowments rocketed by 300 per cent in the yearto March, according to the Financial Ombudsman Service. The ombuds-man saysit handled over 9,000 complaints last year, up from 3,000 in the year toMarch 2000. It expects to deal with around 13,000 disgruntled endowmentpolicyholders this year. It blames exaggerated sales talk, limitedcontractual comm-itments and […]

Misys announces purchase of US healthcare business

Misys has continued its shopping spree with the announcement it is purchasing Sunquest, the US healthcare systems business for £279m. Sunquest will join Misys owned Medic Computer Systems in providing practice management and medical record systems to US doctors. The software and services group, which just last week announced it was making an offer for […]

The Mortgage Operation – Total Cover Plan

Thursday, 28 June 2001.Type: Mortgage protection product including decreasing term assurance, accident, sickness and unemployment cover and critical illness cover.TERM ASSURANCEType: Decreasing term assurance.Minimum sum assured/premium: £1,000/£8 a month.Minimum-maximum term: Five years – 45 years.Charges: None.ASU MORTGAGE PROTECTION PLANSMaximum benefit: 8 per cent of mortgage.Benefit payment term: Accident and sickness five years, unemployment 12 months.Deferred […]

Artemis Global Income: Making sense of global markets

The rally in cyclical ‘value’ stocks paused for breath in February, as investors took a more cautious tone and switched their attention back to defensive areas. In this article, Jacob de Tusch-Lec, manager of the Artemis Global Income Fund, explains how he has positioned the portfolio, given the many economic, geopolitical and policy risks that […]


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