ZENECA has removed #800m of its pension funds from Mercury Asset Management, Schroders and PDFM, the three biggest UK fund managers. The drugs giant says it is looking for ''up and coming'' fund managers to handle a 40% chunk of its #2000m pension fund. The three big managers' balanced funds have been under the critical spotlight after consistent under-performance.
INVESTMENT Trust savings schemes have reached an all-time high, with first-quarter contributions 28% up on last year's figure to #74.6m. Institutional investors, however, are still net withdrawers of money from the sector.
INDEPENDENT Women, which is the first financial consultancy in Scotland to be run exclusively by women for women, has formally opened for business in Edinburgh. Its founder, Leslie Collins, has worked in the financial services industry since 1983.
YOUTH Hostels will benefit from an arrangement with Alliance & Leicester which gives the Youth Hostels Association the equivalent of 2% of any loan taken out by one of its members with A&L.
NATIONWIDE is rewarding loyalty by offering a three-year variable rate bond at 6.6% to 8% to members who have been with the building society for five years or more. Access to funds is allowed with 90 days' notice.
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