The Financial Institutions
Non-bank financial institutions in Britain are dominated by the insurance companies and pension funds, two groups which invest actively in property alongside their larger holdings in equity shares and bonds. Nowadays portfolios are managed by professional fund managers, some of which are branches of these institutions (managing their own funds as well as those of other institutions) whereas others are branches of banking conglomerates. For example, the two largest fund managers in the UK are Prudential Portfolio Managers, an arm of the Prudential which is primarily a life assurance company, and Mercury Asset Management, a subsidiary of S.C. Warburg, the merchant banking group. Other major fund managers are Barclays de Zoete Wedd, part of the Barclays Bank group, Standard Life which is primarily a mutual life assurance fund, and Postel the fund management arm of the Post Office and British Telecom pension funds.
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