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John Tiner, former head of the Financial Services Authority, and now chief executive of Resolution – the investment vehicle established by Clive Cowdery — said his company is targeting pure asset management businesses in its quest to create an enlarged British life assurance and fund management group, the FT said.

LLoyds Banking Group is in talks with stockbroker Execution about creating a joint venture as it plans to build a sizeable presence in the UK equity broking market, the Times said.