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Virgin buys final 50 per cent of Virgin Money

Virgin has purchased the remaining 50 per cent share in Virgin Money Group, paying £90m for the joint venture it set up with investment management group HHG.

HHG, the listed company which comprises the UK businesses formerly owned by Australian giant AMP, will receive £50m now and two further instalments of £20m after 12 and 24 months for the product provider which offers stakeholder pensions, Isas and unit trusts, personal loans savings accounts and credit cards.


Citigroup MLM-type agents chase leads

US giant Citigroup is running a home-service business in the UK to generate protection and sub-prime mortgage leads. CitiSolutions, which launched in the UK in September, operates in a similar way to multi-level marketing. Self-employed reps work part-time to generate leads for UK financial services arm CitiFinancial and sub-prime lender Future Mortgages. The agents do […]

NU slaps guarantee charge on NUL&P fund

Norwich Union is placing a 0.75 per cent charge to pay for guarantees on its NU Life & Pensions with-profits fund to allow it to maintain its 52 per cent equity backing ratio. The life office has also published principles and practices of financial management for all of its with-profits funds. Under the FSA&#39s new […]

Ex-Brewin chief Thomas refused authorisation

Former Brewin Dolphin head of split caps David Thomas, the investment trust designer said to have developed the modern split-cap structure, is believed to have been refused authorisation by the FSA. Thomas is understood to have appealed against the decision to the Financial Services and Markets Tribunal, the statutory body for individuals&#39 and companies&#39 complaints […]

Rice to run new Cazenove offshore Euro equity fund

Cazenove Fund Management is offering an offshore European equity fund managed by former HSBC Asset Management star Chris Rice. Cazenove restructured its pan-European team at the end of 2002 and swooped for five HSBC managers, including Rice and Tim Russell, who have worked together since 1998. Rice&#39s performance at HSBC saw its European growth fund […]


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