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Numis reiterated its “hold” rating on the investment manager, describing it as a solid, well-run business that “appears to have a sensible, if not overtly aggressive, strategy for the next five years”. It also said the firm is likely to achieve its growth targets with less volatility than its peers.
S&P Capital IQ maintains its “hold” rating on the savings business, following its results for 2014 which showed that a 14 per cent increase in fee revenues “more than offset” the fall in annuities resulting from changes to pension rules. Target price was also maintained at 425p.