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Transact sees highest ever inflows as investor confidence increases
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UK inflation doubles in April as lockdown restrictions ease
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Fund buyers expect Saracen Fund Managers revival after Assetco purchase
Martin Gilbert-backed business will buy the Edinburgh-based asset manager in £2.75m deal
Assetco’s acquisition of Saracen Fund Managers should help the ailing fund group realise its growth potential, given asset management dealmaker Martin Gilbert’s involvement, according to fund buyers.
On Friday, Assetco, the former fire-engine leasing business chaired by Gilbert (pictured), announced it was buying Saracen in a deal worth £2.75m.
The purchase, conditional to FCA approval, is expected to occur by the end of September and will result in the issue of 166,904 new ordinary shares of 10p each in the company and £664,774 in cash to be paid on completion.
-Rightmove UK house price index
-Chinese fixed asset investment, retail sales and industrial production growth figures
-US NAHB house building industry confidence index
-In Asia, quarterly results from Tencent Music
-In Europe, maiden results from Vodafone spin-off Vantage Towers
Tuesday 18 May
-Land Securities full-year results
Land Securities provided a trading update in April on rent payments due in the January-to-March period, the fourth and final quarter of the real estate investment trust’s (Reit) financial year. It showed that 67% of rent was paid on time, an improvement on the 65% of a year ago.
Analysts will look for the value of the Reit’s assets. The shares are trading at a 30% discount as the market expresses its concerns over future asset values and rents, according to AJ Bell investment director Russ Mould.
Brewin Dolphin attracts record quarterly inflows of £1bn
Total discretionary funds were up 11% at £45.7bn
Brewin Dolphin posted record total discretionary flows of £1bn in the first three months of the year, as total funds under management reached £52.6bn.
The wealth manager’s interim report for the half year ended on 31 March 2021 recorded total discretionary net flows of £600m with gross inflows of £1.6bn.
Total discretionary funds were up 11% to £45.7bn from £41.2bn at the full year 2020 supported by positive net flows and discretionary investment performance of 9.5%.
Total discretionary commission income was 14.8% higher at £38.7m, while financial planning income grew 16.5% to £19.1m, driven by higher market levels and continued demand for its advice-focused services.
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