Law Debenture targets pensions crisis
UK – Trustee and investment trust company Law Debenture Corp. says it sees opportunities arising from the problems in the corporate pensions market.
“The uncertainties surrounding company pension schemes continue to provide opportunities for our pension trustee business,” the company said. “We have had a strong flow of enquiries in the current year and we are hoping to stimulate further interest through our new brochure.”
It said that pre-tax profit at its trustee services operation rose by 8.2% to 1.63 million pounds (2.3 million euros) in the first half of 2003, from 1.5 million pounds. Revenue at the arm rose 9.8% to 6.9 million pounds.
Its total revenue, which includes investment gains and dividends, was 24.6 million pounds. It said that earnings per share rose by 11.1% to four pence but cautioned that “this rate of increase is unlikely to be continued for the year as a whole”.
The firm this month named former Arthur Anderson partner Tim Fullwood as its new chief financial officer.
Managing director Caroline Banszky had taken over the role on a temporary basis after Peter Skeggs’ sudden departure in May. The company was recently removed from the FTSE250 Index.