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JP Morgan downgrades insurers

JP Morgan has downgraded Aviva, Friends Provident and Legal & General from neutral to underweight.

It has cut fair values prices for Aviva (AV.) by 125p to 400p, Friends Provident (FP.) by 69p to 91p, Legal & General (LGEN) by 45p to 75p, Prudential (PRU) by 180p to 320p, neutral-rated Abbey National (ANL) by 75p to 425p, overweight-rated HBOS (HBOS) by 40p to 775p, underweight-rated Lloyds TSB (LLOY) by 50p to 450p. The last three are banks which own substantial insurance operations.

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Profile: The opportunity set that attracted Brett Williams to wealth management

Profile: The opportunity set that attracted Brett Williams to wealth management

Brett Williams is best known for helping to build some of the biggest platforms in the IFA market.He made the move over to wealth management to head SEI’s UK business earlier this year in the belief that this is where the best opportunities now lie.

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