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‘TMP will have 25% of retail distribution in five months’

Money Portal will control 25 per cent of the UK retail distribution market by March 2008, according to chief executive Richard Craven.

Speaking at the Sage conference in Alicante last week, he said Money Portal currently controls 18 per cent of all retail asset flows and by next March this will increase to 25 per cent.

Craven said Money Portal has three planned acquisitions which will increase adviser numbers from 1,200 to over 2,200 next year, with combined assets under advice of £14bn.

He said group operating profit is currently £4m, which will increase to £7m by next year. An additional £5m of equity investment has been raised to reinvest into the business through an issue of ordinary shares. Money Portal has also released a further £25m through the restructuring of its share capital.

Craven said: “This extra capital on the balance sheet means the business is capitalised by about 20 per cent over the FSA’s minimum requirement.”

He said this extra capital for an independent group compared with others puts them on a par with leading providers, making them ideally placed to move the sector away from transactional business.

Craven said: “Do not view yourselves as just IFAs. View yourselves as a commodity that has the ability to dictate 25 per cent of the assets held by the financial services companies in the FTSE 100.

“We are now a mini, quasi-fund management organisation that you have the chance to be a part of.”


Young and elderly hit hardest by inflation

Young people and the elderly remain the hardest hit by inflation, according to Alliance Trust. The group says although 65-74 year-olds suffered the biggest increase in inflation this month, the over-75s face a rate of inflation of 2.2 per cent, 22 per cent higher than the headline inflation of 1.8 per cent.

Jersey opens door to unregulated funds

Jersey is widening its funds capabilities with the introduction of an unregulated funds regime.Due to be launched in early 2008, the new regime includes an unregulated eligible investor category and an unregulated exchange traded category. Funds in these categories will not be approved or auth-orised by the Jersey Financial Services Commission.Jersey Finance says the new […]


Talent spotting

Scotland has a long and successful history as a major financial centre. Two hundred years ago it was the birthplace of a fledgling crop of insurance companies. The Scottish Widows Fund and Life Assurance Society, the first mutual company to be founded in Edinburgh was created in 1815. It was soon followed in 1826 by […]

Groundhog Day

So just what is a simple product? One of the RDR’s key arguments for the devolution into primary advice is that most lower-paid consumers are so confused by the existing range of products that they refuse to take out savings and pension plans. The FSA believes that the arrival of simpler products will stimulate a demand among these consumers.

Auto-enrolment: tips for employers

The Pensions Regulator (TPR) has released advice on communications for employers, including three tips to help you with your auto-enrolment duties. 1. Allow enough time to select your pension schemeIt’s recommended that you start to prepare for auto-enrolment at least 12 months in advance of your staging date; additionally, give yourself time to choose the […]


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