Aegon Asset Management is dismantling its equity team and effectively clearing out 13 members of staff, says this morning's Scotsman.
Having only created the teams two years ago, the life office says its equity funds are underperforming so two fund managers and 10 analysts have been asked to leave with immediate effect, followed by Wendy Hay later this summer when she goes on maternity leave.
Separate analyst and fund management groups are being abandoned in favour of three new teams says the Scotsman - the mainstream UK, headed by Tom Copland, mainstream international by Mark Peden and Stephen Adams on the tactical UK desks.
A tactical international manager is still to be appointed, however, ceo Colin McLatchie says the search for a new chief investment officer is also underway.
EQUITABLE LIFE’s executive board has promised to produce a fighting fund to pay for legal action if policyholders vote for such action against former directors in May, adds the Times.
Charles Thomson, Equitable’s chief executive says the board is now scrutinizing the Penrose report – published last Monday – to establish whether there are sufficient grounds to launch a lawsuit against the government too but it is likely to be easier to take action against the individuals, and cheaper too.
THE GUARDIAN adds there is to be a full Commons debate about the Equitable affair on March 24th, before Kelly faces the Treasury Select Committee on March 25th.
AND GORDON BROWN is in the firing line ahead of next week’s Budget as a story in this morning’s Times suggests he is gunning for the City accountants who increasingly market tax avoidance schemes.
A Treasury official is said to have called in senior players from Deloitte & Touche, Ernst And Young, KPMG and PricewaterhouseCoopers to challenge and raise concerns about the "rising scale" of tax avoidance schemes being marketed when the average UK citizens are paying their taxes.IFAonline
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