Ivory & Sime hit by loss of BAA pension contract
Saturday 28 June 1997
Announcing pre-tax profits for the year to April at pounds 6.89m, up from pounds 6.53m last year, Ivory & Sime said the loss of the BAA pension fund management contract in March had accounted for pounds 600m of the pounds 1bn reduction in funds under management.
Allan Munro, a director of the company, said the BAA contract "was the sort of loss you could do without".
It came after several high-profile staff defections, which included the BAA pension fund manager, and which culminated in the departure of Colin Hook, Ivory & Sime's managing director, in February.
Funds under managementstand at pounds 3.2bn against pounds 4.2bn a year ago. Mr Munro said winning new pensions business against this background would be "very difficult".
Mr Munro yesterday denied reports Ivory & Sime had been in sales talks with ABN Amro or that it wanted to go private. Caledonia Investments, with 29 per cent of the company, in effect controls the business. Sir David Kinloch, deputy chief executive of Caledonia, is acting as caretaker chairman of Ivory & Sime.
- 1 Notting Hill Carnival: Woman shares selfie after being ‘punched in face for telling man to stop groping her’
- 2 Keira Knightley topless: Usually conservative actress does own take on #Freethenipple campaign for Interview Magazine
- 3 Oil tanker with $100 million cargo goes missing off Texas coast
- 4 George Galloway attacked on Notting Hill street by man 'shouting about the holocaust'
- 5 Brother and sister, Christopher Buckner and Timothy Savoy, arrested for 'committing incest after watching 'The Notebook''
Keira Knightley topless: Usually conservative actress does own take on #Freethenipple campaign for Interview Magazine
YouTube video posted by Isis militants shows 'execution of 250 Syrian soldiers'
Oil tanker with $100 million cargo goes missing off Texas coast
George Galloway attacked on Notting Hill street by man 'shouting about the holocaust'
Brother and sister, Christopher Buckner and Timothy Savoy, arrested for 'committing incest after watching 'The Notebook''
Robin Williams Emmys tribute led by Billy Crystal criticised for including 'racist' joke about Muslim woman
The Rotherham child abuse scandal is a tale of apologists, misogyny and double standards
Scottish independence TV debate: Pumped-up Alex Salmond bounces back in bruising second round against Alistair Darling
Do you realise just how foolish the UK looks?
Ukip Douglas Carswell defection: Tory MP jumps ship to join Nigel Farage
When elitism grips the top of British society to this extent, there is only one answer: abolish private schools
- < Previous
- Next >
iJobs Money & Business
£50000 - £80000 per annum + benefits+bonus+package: Harrington Starr: Data Sci...
£450 - £500 per day: Orgtel: SAS Business Analyst, London, Banking, Credit Ris...
£32000 - £38000 Per Annum Bonus, Life Insurance + Other Benefits: Clearwater P...
£200 - £250 per day + competitive: Orgtel: KYC Analyst, Key Banking Client, Bi...