UK - HBOS is to develop a new fund management operation for institutional and retail investors, in a bid to become one of the top investment houses by 2006.
HBOS, launched in September 2001, was born out of the merger of Halifax and Bank of Scotland at the beginning of the year. While developing the new fund management firm, HBOS aims to rebrand the investment arm of its life assurer, Clerical Medical.
Under the new arrangement, Clerical Medical Investment Management (CMIM), a specialist in the area of pooled and segregated pension fund services, will be renamed and will have about 150 staff added to its existing staff complement of 230.
HBOS will begin recruiting additional professionals for the new fund management firm this week.
Douglas Ferrans, currently chief executive of asset management at CMIM, will preside as chairman of the new operation, whilst asset management MD Gary Mairs will be become an MD at the new firm.
Janet Du Chenne
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