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The Daley Update

The AITC is to publish details of cross-holdings between split-capital investment trusts on its website. The service, which starts next month, is part of a drive to increase transparency across the split-cap sector following negative publicity in the past few months. The figures will be updated monthly.

Merrill Lynch Investment Managers has appointed John Clougherty as head of UK retail sales. He joined MLIM in 1999, having previously worked in senior sales roles at both Fidelity and Fleming.

Beaumont Cornish is offering a generalist VCT. The Pathway One VCT is looking to raise £5m between now and its closing date of December 14. Mini-mum investment is £2,500. Commission is 3 per cent.

Dresdner RCM has appointed Nick Smith as head of retail following the departure of John Tierney last week. Smith will be responsible for broker liaison, customer services and retail marketing.

Matrix&#39s Unicorn Aim VCT has passed its minimum subscription of £3m, with money coming into the fund at almost the same rate as Matrix&#39s Trivest VCT


Scottish Life boosts extranet site to offer online pension admin

IFAs will be able to download real-time pension fund illustrations from Scottish Life as it revamps its extranet site if@plus.The new services provided by 1st Software are designed to simplify time-consuming processes by giving IFAs the tools to establish, monitor and administer pensions online.ScotLife has developed three new services to help IFAs, including a facility […]

Firm offers pension to Muslims

Pension provider Parsoli is setting up what it claims is the first pension plan to comply with Islamic sharia law.It says the Islamic self-invested personal pension&#39s investment strategy complies with stringent criteria set out by the Koran and sharia which forbid investment in fixed-interest securities and in areas such as gambling and alcohol.Parsoli says that […]

137,000 firms still failing to comply with stakeholder

The ABI says a “special effort” will be needed to get the estimated 137,000 remaining employers yet to designate a stakeholder scheme to comply with legislation.The estimates, based on its figures to the end of Sept-ember, suggest that between 87,758 and 137,758 employers were not complying with stakeholder legislation requiring them to designate a scheme […]

Independent view

Having seen UK interest rates fall five times in 2001 and those in America a staggering nine times, it came as no surprise to receive notifications from both Standard Life and Norwich Union (two of the biggest pension providers in the UK) that they were once again reducing their annuity rates.Annuity rates have tumbled along […]


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