UK - The future of Edinburgh Fund Managers could rest on a successful takeover deal by Isis Asset Management, industry sources claim.
The beleaguered fund manager is understood to have held talks with Isis for the past six weeks over a possible takeover deal.
But the high-level talks have been disrupted by the defection of several key clients and senior fund managers at EFM.
Sources within Isis say talks could break down due to EFM’s rapidly diminishing assets.
In particular, EFM has had to cope with the loss of clients such as the £1.9bn Lothian Pension Fund and the defection of its head of UK equities, Robert Waugh, and investment manager, Peter Cockburn, to Scottish Widows Investment Partnership.
One consultant commented: “Robert Waugh was heralded as the saviour of their UK equity performance and he lasted two years maximum.”
An EFM spokeswoman declined to comment, except to say that the firm was still involved in discussions with a third party regarding a possible sale.
Jonathan Stapleton asks whether newly-accredited professional trustees should be a statutory fixture on pension scheme boards.
Savers are being warned by the Insolvency Service to guard their pension pots from investment scammers and negligent trustees as it winds up 24 companies.
Respondents say they should only be required in certain situations as the system is not broken.