Aviva halves reattribution payout


UK insurance giant Aviva has slashed a planned reattribution offer from its inherited estate (the surplus capital of its with-profits funds) from £1 billion to £500 million, despite reporting a better than expected capital position of £2.5 billion at the end of the first quarter of 2009, up from £2 billion at the end of 2008.

The estate was reduced to £1.2 billion from £4.2 billion at the corresponding point in 2008, due to the downturn in equity and bond markets, as well as large losses to its

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Stemming the tide of rising FX settlement risk

As the trading of emerging markets currencies gathers pace and broader uncertainty sweeps across financial markets, CLS is exploring alternative services designed to mitigate settlement risk for the FX market

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