Standard Life Investments pulls out of money market funds

Money Markets, Standard Life Investments

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Standard Life Investments has confirmed it is to exit its money market funds following a review of is cash investment business.

A spokesperson for the company said the decision to review its money market funds offering ahead of potential changes to the way the sector is regulated.

According to Standard Life Investments, money market funds could be brought 'within the scope of banking regulations' under proposed regulatory changes.

The decisions decided to exit the constant net asset value (CNAV) funds business to concentrate instead on funds with more variable net asset value.

The company is set to develop proposals, which will allow current investors to continue in CNAV-valued investments with a manager operating within banking regulations.

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Blue Chip Bulletin: BAT warns government of black market risks

British American Tobacco

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British American Tobacco (BATS.L) has attacked government plans to ban the display of cigarettes in shops, warning it could actually increase the appeal to some social groups.

The tobacco giant made the incredible claim after lashing out at the UK government for increasing tobacco duties by two per cent above inflation last month, which the company said would encourage illicit trade.

Speaking at today’s annual general meeting, Richard Burrows, chairman of BAT, said one in four cigarettes in Ireland is illicit or counterfeit and said the government was right to freeze cigarette duty as a result.

Burrows warned the UK government that there is a real prospect of a black market grabbing hold of the British smoking population.

He added, ‘The problem does not stop with tax. There is no convincing evidence that banning the display of tobacco in shops, requiring generic packaging or banning cigarette ingredients will cut smoking rates and help public health.

‘Forcing cigarettes under the counter, making packs easier to counterfeit or changing the taste of consumers’ favourite brands are likely to drive smokes to the unregulated market, possible forever.

‘I think governments have forgotten that the more tobacco that is driven underground, the more smoking may appeal to the curious.’

At the same meeting, shareholders voted in a final dividend of 81 pence per share, taking the total for the year to 114.2 pence per share – an increase of 15 per cent on the previous year.

The company has also reintroduced its share buy back programme, which had been suspended for two years.

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Standard Life Investments pulls out of money market funds

Money Markets, Standard Life Investments

Related Articles

Top ten trades: Wednesday 27 April 2011 (all day) more >>

FEATURE: Robert Tyerman's Market View more >>

Market update (PM): Aggreko surges on trading update more >>

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Top ten trades: Tuesday 26 April 2011 (all day) more >>

Standard Life Investments has confirmed it is to exit its money market funds following a review of is cash investment business.

A spokesperson for the company said the decision to review its money market funds offering ahead of potential changes to the way the sector is regulated.

According to Standard Life Investments, money market funds could be brought 'within the scope of banking regulations' under proposed regulatory changes.

The decisions decided to exit the constant net asset value (CNAV) funds business to concentrate instead on funds with more variable net asset value.

The company is set to develop proposals, which will allow current investors to continue in CNAV-valued investments with a manager operating within banking regulations.

To receive more relevant articles like this one, why not sign up to our weekly newsletters, click here

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Market update (PM): ITV leads the pack ahead of long weekend

FTSE 100, ITV

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The biggest riser at the close of trading before the UK's extended bank holiday weekend was commercial broadcaster ITV (ITV.L).

The broadcaster saw share price rise by 4.5 per cent to 76p after analysts at Panmure Gordon reiterated its 'hold' status for the stock.

Standard Life (SL.L) continued with a strong showing increasing by 3.4 per cent to 226.6p, after this morning reporting strong sales and inflows during the first quarter of 2011.

International Power (IPR.L) saw its share price rise by 3.3 per cent to 330.6p, insurance group Legal & General (LGEN.L) added 3.1 per cent to 123.1p, while advertising and marketing group WPP increased by 2.8 per cent rising to 781p.

Whitbread (WBI.L) dropped 3.4 per cent to 1,678p after its preliminary results failed to impress investors.

AstraZeneca (AZN.L) dropped 3.3 per cent to 2,996p, while both Unilever (ULVR.L) and Shire (SHP.L) fell 2.6 per cent to 1,938p and 1,852p, respectively. Elsewhere Barclays (BARC.L) dropped 1.9 per cent to 282.1p. 

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