July « 2009 « DT Imago Blog

Anything or nothing could happen at FP depending on the Resolution bid. I heard a suggested price of £50 million for James Hay which for £10 billion of assets (shrunk by about 20% from 2 years ago) is only 0.5%, about 1/10 of what it ought to be which is presumably a reflection of poor efficiency/profitability and current business prospects and the amount which a buyer would have to spend to upgrade systems and shrink the staff by at least x% (unless they can double the assets pronto without additional staff).