Morgan Stanley has publicly denied rumours that Credit Suisse has submitted an offer to snap up the shell of Advantage, its defunct UK lending arm. But a source inside the US investment firm has confirmed it is considering offers for the business. Advantage ceased trading on February 13 following the withdrawal of its HomeBuy and Flexishare products in December. At the time of the closure, a spokeswoman for Morgan Stanley said it also planned to scale back its US residential business. A statement from Morgan Stanley claimed some 1,000 employees in the US and the UK would be affected by a restructure of its mortgage business. Anthony Meola, chief operating officer of Morgan Stanley’s US residential business, says: “Given the continuing dislocation in the mortgage market, we have restructured our business to ensure we are well positioned.”
- Top trends
House prices in England and Wales rose by 0.9% in January, according to the Land Registry. This takes the average house price in England and Wales to £186,045. London saw annual house price growth of 13.1% with an average price of £357,976.
Propertyfinder.com has noticed a 104% increase in home mover traffic in 2008 with particular interest being shown in rental properties.After a lull at the end of 2007, January visits to Propertyfinder.com soared 104%, with unique users up 90% compared to the previous month and 15% from January 2007. Propertyfinder.com also delivered 38% more leads from […]
A successor to Hutchinson yet to be announcedAmong those who were moved last month and have yet to start shaking things up again are Alison Hutchinson who has stepped down as chief executive of Kensington Group after four years at the helm, and Peter Richardson, erstwhile chief executive of Derbyshire Building Society, who announced his […]
The sale-and-rent-back industry has been in the news recently because it is addressing its negative image.
Health cash plan provider Health Shield has won two UK financial awards in the same year for the first time. The Crewe firm beat several brands in the health insurance sector to win Best Cash Plan at the Cover Excellence Awards and Best Cash Plan Provider at the Health Insurance Awards in October.
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