Partnership and Rothschild in £150m commercial mortgage tie up

Jenna Towler
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Annuity provider Partnership has signed an investment management agreement with Rothschild to invest £150m in commercial mortgages as it announced a significant fall in annuity sales.

Annuity contract sales at the business have been hit by George Osborne's sweeping Budget changes. Interim results showed sales fell to £334m in the first half of the year, compared to almost £600m for the same period last year. It said sales in the second quarter were just £135m "reflecting the impact of the Budget". The results also said its cost cutting drive would make £21m of savings next year. Total operating profits were down from £59m last year to £33m. The firm said the deal with Rothschild would further diversify its investment portfolio. Adding: "Partnership will benefit ...

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