Standard Life launches pounds 60bn investment house
Wednesday 11 November 1998
The new subsidiary, Standard Life Investments, will compete with managers such as Mercury Asset Management and Morgan Grenfell, and is aiming to manage pounds 100bn within five years.
The group will begin by managing Standard Life's existing funds, which hold shares amounting to 2 per cent of the UK equity market. It will also aim at a 5 per cent share of the retail investment market, managing money for private investors.
Standard Life said it had "aggressive plans" to challenge established fund managers, such as bidding for contracts to run hundreds of millions of pounds at a time for big pension funds.
Sandy Crombie, the chief executive of the new company, claimed the insurer had already outperformed established fund managers in the market to run pooled pension funds on behalf of small and medium-sized companies.
The company, which has taken four years to organise,will have a staff of 500, most based in Edinburgh with 30 in Montreal, Canada.
- 2 Raif Badawi, the Saudi Arabian blogger sentenced to 1,000 lashes, may now face the death penalty
- 3 PornHub turns masturbation into energy in bid to save the planet
- 4 Robert Mugabe eats a zoo for 'obscene' 91st birthday party
Michelle Rodriguez: Fast & Furious actor apologises after telling 'minorities' to stop taking on 'white' roles
Boris Nemtsov shot dead: Putin critic may have been murdered by Islamic extremists, says president-led committee
British are sexually uptight, dirty and drink too much – according to Spanish book
Raif Badawi, the Saudi Arabian blogger sentenced to 1,000 lashes, may now face the death penalty
PornHub turns masturbation into energy in bid to save the planet
New theory could prove how life began and disprove God
This is what it's like to be dead, according to a guy who died for a bit
'Cash for access' scandal: Sir Malcolm Rifkind says 'unrealistic' for MPs to live on £67,000 salary
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Ukip would cut billions from Scottish budget to fund English tax cuts
Russia's roadmap for annexing eastern Ukraine 'leaked from Vladimir Putin's office'
iJobs Money & Business
£40000 - £50000 per annum + pro rata: SThree: SThree Group have been well esta...
£30000 - £37000 per annum: Recruitment Genius: Established in 1999, a highly r...
£250-£300 Day Rate: Jemma Gent: Are you a qualified accountant with strong exp...
£230 - £260 Day Rate: Jemma Gent: Do you want to stamp your footprint in histo...