IFA NETWORK owner Misys is parting company with the head of its banking systems, Ivan Martin, "by mutual agreement" - three months after issuing a shock profits warning that sent its shares tumbling and enraged its investors, according to The Times .
Martin was also one of two senior executives Misys had controversially planned to award "retention" bonuses of up to £1.2m each, says the paper.
The group was eventually forced to withdraw the plan following a hostile reception by shareholders.
The other executive was Tom Skelton, the head of its healthcare division.
Misys said this morning Kevin Lomax, the group chief executive who has also come under heavy pressure since the September profits alert, will take over Martin's job as chief executive of banking systems until a successor is found.
HOUSE PRICES have started to rise again after 15 months in the doldrums, according to the Financial Times.
The Royal Institution of Chartered Surveyors (Rics) said there was evidence a small majority of its members reported rising house prices prices over the three months to November, led by high levels of optimism among London estate agents waiting for substantial City bonuses.
The Rics survey has painted a picture of falling prices during the past year, in contrast to the data derived from house sales, which have suggested prices have been roughly flat.
The move of Rics' headline indicator into positive territory signals an end to the divergence among housing market statistics and suggests stability has returned to even the more pessimistic segments of the market.
INVESTMENT FUNDS had their best month for nearly three years in November, recording growth in total funds under management and sales, according to the Investment Management Association (IMA), says the Scotsman.
Investment funds under management were £333bn in November, up 5% from October and 24% higher than November 2004.
ISA funds under management were £44bn, up 4% from October and 21% on the year.
MORGAN STANLEY today agreed to buy the Goldfish credit card business for almost £1bn from Lloyds TSB, reports the Guardian.
The deal, which is expected to be completed in February, will see Goldfish's 800,000 customers added to Morgan Stanley's 1.5 million credit card account holders.
The £1bn price includes £800m of customer balances and a £175m premium on the business.
The deal includes the Goldfish operations centre in Glasgow and its 300 staff, as well as the Goldfish brand. Lloyds TSB said the deal would net the company profits of £70m.
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Emily Perryman on 020 7968 4554 or email [email protected].IFAonline
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