Scots-born fund manager Scott McKenzie is leaving Morley Fund Management to head up Martin Currie's £30 million UK equity income fund, reports this morning's Scotsman .
The appointment is the latest in a flurry of high-profile City names poached by the independent Edinburgh investor to consolidate its rapid growth.
McKenzie had managed funds totalling £1bn at Morley, is thought to have been promised a 2-3% stake in the private business to compensate for a cut in basic salary.
THE FINANCIAL SERVICES AUTHORITY, which is regularly under fire for being “out of touch with the industry it regulates”, is apparently seeking to scotch some criticism by camouflaging itself as a business, suggests the Financial Times.
The City watchdog is proposing to launch "customer satisfaction targets" for its own organisation next year, in a carefully phrased bid to persuade regulated businesses that it is a helpful commercial partner rather than a heavy-handed ogre.
COMPANIES WOULD be more willing to plug their pension fund deficits if they were able to benefit from tax relief more quickly, the Daily Telegraph quotes the Society of Pension Consultants as saying.
Relaxing the rules on tax relief on large "catch up" payments would "leave the occupational pensions sector in a far healthier state," the SPC said yesterday.
John Mortimer, SPC secretary, said: "The requirement to spread the tax relief can on occasions be a significant disincentive to making the deficit reduction contribution."
CITY BROKER Collins Stewart has received "a number" of bid approaches which could lead to an offer worth more than £1bn for the group, according to the Times.
The broker, which also owns the Tulletts broking house, has not name any of the interested parties and the takeover interest is believed to be at an early stage.
But in a statement issued to the Stock Exchange before the stock market opened on Friday, Collins Stewart Tullet said: "The board of Collins Stewart Tullett plc announces that it has received a number of approaches which may or may not lead to an offer for the company."
AND AEGON UK has reported a surge in profits, despite a decline in new life and pension business, continues the Scotsman.
The Edinburgh-based group yesterday unveiled a 40% increase in interim pre-tax profits, as stock market performance and "expense control" more than offset a 4% drop in life and pension sales.
Profits reached £67m in the six months to the end of June thanks to improved equity markets and driven by a 22% lift in the second quarter as more profitable included unit bonds compared with falling half-year sales to £321m in the life and pensions sector.IFAonline
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