M&G has appointed Kirsty Wright in the newly created role of director of PruFund proposition.

The appointment comes a month after M&G exited the platform market to focus on its life business.

Wright, who has over 17 years’ experience, joins from LV=, where she was head of wealth proposition.

She is tasked with developing M&G’s new propositions within its £62bn multi-asset PruFund range.

Wright said: “PruFund is a unique proposition in the market and has a fantastic reputation for delivering for customers.

“I look forward to the next stage of PruFund’s development as we seek to widen its distribution, providing more advisers with access to well-diversified, low-volatility investment solutions for their clients, which give them the confidence to invest and grow their savings over the long term.”

The fund, first launched in 2004, has over 450,000 customers advised by 5,000 advice firms.

It is designed to meet increasing customer demand for long-term savings solutions across major tax wrappers, including onshore and offshore bonds, Isas and pensions.

Most recently, clients have been able to access the range of funds via a platform for the first time.

M&G said it will now focus its strategy on making PruFund as accessible as possible by replicating this model across multiple platforms in order to drive growth.

The fund’s smoothing mechanism helps to reduce the impact of market fluctuations and has delivered an annualised return of 5.38% over the last 20 years.

IF the end of summer leaves you feeling a little blue, planning a getaway for next year can help lift your spirits.  

Even better, plotting next year’s holiday early also means you you can stretch your annual leave by taking time off work around bank holidays.  

1

By strategically booking time off around bank holidays, you can maximise your holiday allowance.

This effective planning trick means that in 2025 you could get a bumper 53 days of holiday with just 23 days of annual leave.

It tends to be easier to fully switch off from work and feel more refreshed if time off is taken over longer stretches.

You don’t have to jet off on a fancy holiday, the days can be used to relax, do odd jobs or just spend time with family and friends.

However you want to use your time, the key to getting longer breaks is with some careful planning.

Here’s how to make the most of your annual leave next year…

EASTER

• Book four days of holiday to get 10 days off

Next year Easter Sunday next year falls relatively late on April 20. This makes the Good Friday Bank Holiday April 18 and the Easter Monday on April 21.

If you schedule days off around the bank holidays, you will be able to get a 10-day stretch off work, including the weekend with just four days of annual leave – and you have a couple of options.

Either book off Monday April 14 through to Thursday April 17.

Or book from Tuesday April 22 until Friday April 25.

Either way, you’ll get a 10-day break, including weekends, in exchange for four days annual leave.

And if you’re looking for one long period off, you could book all eight days off work to get 16 days off work, including the weekends.

MAY

• Book four days of holiday to get nine days off – twice

In May, you can get another nine-day break with only four days of leave thanks to bank holidays.

The first one is the Early May Bank Holiday on Monday, May 5.

Use it to then book off May 6, 7, 8 and 9, to get the nine-day stretch off from work, including two weekends.

Or you can use the Spring Bank Holiday instead, which falls on Monday, May 26 for the nine-day stretch.

Take off Tuesday, May 27, through to Friday, May 30, meaning you’ll be off from Saturday, May 24 and then back at work on Monday, June 2.

AUGUST

• Book four days of holiday to get nine days off

In the summer, there’s another bank holiday on Monday, August 25.

Book off four days from August 26 until 29, and in total you’ll get nine days off in a row from Saturday, August 23 until Monday, September 1.

This stretch is perfect if you have children off from school and want to take a holiday with them.

DECEMBER

• Book four days of holiday to get 11 days off OR seven days off for 16 days off

As the year draws to a close, there are two more bank holidays that you can take advantage of.

Next year, they will fall on Thursday, December 25 for Christmas Day, and Friday, December 26 for Boxing Day.

These national holidays give a couple of options to maximise time off.

You can book off December 22, 23 and 24, to get a nine-break from work from December 20 to Monday, December 29.

Or book off December 29, 30 and 31, as well as January 2. January 1 is another bank holiday so you don’t need to book it off.

This way you’ll have 11 days off from work, including weekend, meaning you can relax and make the most of the festive season.

If you book off all seven working days, you’d get a lovely long break of 16 days from December 20 to January 5.

WHAT ARE THE RIGHTS TO TIME OFF?

Of course, you’ll need to make sure you get your time off agreed by your employer to make the most of bank holiday hacks.

Most employees who work a five-day week must get at least 28 days’ paid annual leave a year – the equivalent of 5.6 weeks of holiday.

There is no obligation for employers to give these holidays on specific dates.

Often holiday is granted depending on how many other employees plan to take time off at the same time.

It’s usually on first to book off is granted the leave.

Getting in requests early can make it more likely that you’ll get the leave you want.  

Always get time off approved before you pay for holidays or make other plans to avoid have to pay any fees to rearrange or cancel.

Benchmark chief executive Ed Dymott has said he does not want the business to be referred to as a “consolidator”.

“We don’t like the term ‘consolidator’,” he said, on a panel at the Lang Cat’s HomeGame 4 event in Edinburgh today (3 October).

He said that, although the firm acquires a business on average every six weeks, the majority are “businesses we already know”.

“What’s different about our business model is that most of these firms have been with us for quite some time, typically between five and 10 years,” he said.

“They’ve become familiar with our operations and are integrated into what we do. Ultimately, as part of their exit planning, we often provide a smooth transition into our company.”

He said that ‘consolidators’ are typically businesses backed by private equity, which often has a “clear end goal” in mind.

“This approach comes with the perception that everything is geared towards reaching a specific outcome within three to five years,” he said, at the event.

“However, our business is a financial planning firm owned by Schroders, and we are a long-term investment for them. This long-term focus forms the core of our business.

“When it comes to client relationships, we operate like any other financial planning firm, concentrating on how to maintain and grow these relationships over time.

“This is the primary driver of our business model and influences everything we do. Our client propositions and support are all geared towards long-term relationships.”

Benchmark sets out ambitious growth plans following Unique purchase

There are around 35 private equity-backed consolidated businesses in the advice space.

“The typical cycle with private equity involves these businesses eventually seeking an exit. At some point, there may be an oversupply in the market,” said Dymott.

“Many people wonder if there will be a consolidator of the consolidators – who knows, it’s an interesting trend to observe.”

He said the ‘breakaway adviser’ trend could prove a big challenge to the consolidation model in the future.

“One of the areas we specifically target is what we call the ‘breakaway adviser’ segment. These are experienced financial planners setting up their own businesses.

“And our primary source of lead generation at the moment comes from consolidators.

“These are individuals who have been part of a consolidator but are now either breaking away themselves or, more commonly, it’s the teams working under the principals who sold the business.

“Last year, we helped set up 20 new businesses with established financial planners, many of whom came from consolidated firms and wanted to go independent.

“The breakaway adviser trend is fascinating to watch, and it’s essentially the full cycle. It is a potential challenge to the consolidation model.”

SAVVY shoppers are rushing to Aldi to get their hands on bargain home accessories scanning for just pennies.

The set of three textured vases in cream costs a mere 49p and for that you get three different styles.

1

A shopper on the Extreme Couponing and Bargains UK Facebook group posted her find saying simply “49p Aldi!”

Other members immediately reacted. “This is what I was looking for,” cried one woman, who said she hadn’t been able to find them.

“I paid £1.99 last week,” said another. 

A third poster simply added “Wow!”

The vase set was originally on sale in Aldi’s middle aisle for £4.99 and available in neutral shades grey and beige, as well as cream, to suit all styles of decor.

According to Aldi they are “perfect for filling with flowers or pampas grass” and tap into the trend for more organic forms in home decoration, emphasised by their textured finish.

We announced their arrival back in June so this is the retailer clearing stock for new lines, but at a tenth of their original price, they’re worth getting your hands on before they disappear for good.

Bear in mind availability will vary between stores – you can find Aldi’s store locator on its website.

B&M has an almost identical three-vase set on its website for £6, or this Bubble Paper Mache version selling for £5 and this Circular Sculpture for £6.

H&M, too, has a similar set in light beige, but these mini stoneware vases will set you back £12.99. 

Tesco launched its new homewares range last month and you can find a cute recycled heart vase for just £3 and an apothecary-style bud vase for only £1.50.

To get the most for your money always shop around, comparing prices between retailers.

Use platforms such as Google Shopping and apps such Latest Deals or Trolley to check the best prices on particular products. 

Check out discount code websites and sign up to cashback sites, including Quidco and TopCashback to earn money while you spend.

Facebook groups like Extreme Couponing and Bargains UK are a great way to discover what’s on offer in a wealth of stores, while following your favourite brands on social media and signing up to their newsletters mean you’ll be first to hear about new deals and discounts.

For other ways to save at Aldi keep an eye on their regular special buys, check for price reductions in store and on the website, and watch out for red stickers while you’re doing your grocery shop.

Speaking of groceries, Aldi’s Super Six is another great way to save money on your shopping, with six fruit and vegetables on special offer every fortnight. 

Signing up to the Aldi newsletter will also bring you special offers from time to time and look out for money-off vouchers in newspapers.

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories

True Potential chief executive Daniel Harrison will be stepping down after seven years in the role.

Harrison’s departure, which has been kept under wraps, is part of a planned transition following the firm’s partnership with Cinven in September 2021.

Money Marketing understands that the announcement was given to staff today (October 3) at the firm’s annual conference.

Harrison said: “While I understand this news may come as a surprise, I want to assure everyone that this decision was made with the future of True Potential in mind.

“Since partnering with Cinven, we have focused on developing a strong executive team that is well-prepared to lead the firm into the future.

“I am confident that True Potential is in excellent hands.”

Maxim Crewe, partner and head of the financial services and consumer teams at Cinven, added: “One of our key attractions to invest in True Potential was the client-centric culture that Daniel and his co-founders have established.

“We will continue to uphold these key values and continue to invest in the business to support True Potential on its growth journey.

“We thank Daniel for all of his contributions over the many years.”

Harrison co-founded True Potential alongside his father, David, 17 years ago.

They have since developed the Newcastle-based wealth firm into an investment powerhouse, with over 500,000 clients and £31.4bn invested on its platform.

Daniel Harrison has served as CEO since 2017 and has been instrumental in driving the firm’s approach to wealth management.

Under his leadership, True Potential has hit significant milestones, including achieving a compound annual growth rate of 39% in turnover and 40% in profits.

In 2021, True Potential sold a majority stake to private equity firm Cinven for an undisclosed sum.

The investment was to continue the firm’s organic growth and develop its investment technology platform.

Last year, David Harrison stepped down from his role as chair of True Potential. He is succeeded by Andrew Sibbald, who has been deputy chair since April 2023.

Last fall, Enbridge (NYSE: ENB) made a bold strike. The Canadian pipeline and utility giant agreed to buy three natural gas utilities from Dominion in a $14 billion deal. The transaction would create the largest natural gas utility franchise in North America.

At the time, Enbridge’s CEO Greg Ebel stated, “Adding natural gas utilities of this scale and quality, at a historically attractive multiple, is a once-in-a-generation opportunity.” While it took a little more than a year, the company has finally closed this generational opportunity to expand its gas utility business. The deal significantly enhances the company’s ability to sustain and grow its 6.5%-yielding dividend.

Closing the final phase

Enbridge recently announced that it has closed its acquisition of Public Service Company of North Carolina (PSNC) from Dominion. The deal adds over 600,000 service customers in the state, which it serves with over 13,000 miles of gas distribution and transmission pipelines and other related gas infrastructure assets.

The utility should supply Enbridge with stable, low-risk cash flow backed by government-regulated rate structures and steady gas demand. That cash flow should grow in the coming years as Enbridge invests in expanding PSNC’s infrastructure to support rising gas demand in its service region.

Closing the PSNC acquisition was the final phase of this transformational transaction. Enbridge previously closed the purchase of The East Ohio Gas Company in March and completed its deal for Questar Gas Company in June.

The trio of gas utilities significantly expands Enbridge’s gas distribution platform. It will supply 22% of the company’s annual adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), up from 12% before the deal. It further diversified the company’s business while increasing its exposure to lower carbon energy.

The new gas utilities also increased the company’s cash flow from stable regulated assets and enhanced its growth profile. Enbridge expects to invest 5 billion Canadian dollars ($3.7 billion) over the next three years into low-risk, quick-return projects, which will increase its earnings from these utilities.

Enhancing an already strong foundation

Enbridge has built one of the lowest-risk businesses in the energy infrastructure sector. The company has a diversified platform focused on four core franchises: liquids pipelines (50% of its EBITDA), gas transmission and midstream (25%), gas distribution and storage (22%), and renewable power (3%).

About 98% of the EBITDA generated from those businesses comes from cost-of-service or contracted assets, which are very predictable and stable. As evidence, Enbridge has achieved its annual financial guidance for 18 straight years, despite two major recessions and two additional periods of oil market turbulence.

The company targets to pay 60% to 70% of its very stable cash flow to investors in dividends. It retains the rest to invest in its large backlog of commercially secured capital projects. The utility acquisitions pushed its backlog to CA$24 billion ($17.8 billion) of projects it should complete through 2028. Those projects give it lots of visibility into its future earnings growth.

The company expects those projects will help grow its EBITDA by about 5% annually. Meanwhile, it has additional investment capacity, thanks to its strong balance sheet, which it can use to sanction additional expansion projects and make accretive acquisitions, further enhancing its growth rate.

With a strong financial profile and visible earnings growth, Enbridge should have plenty of fuel to continue increasing its dividend. It could grow its dividend by as much as 5% per year over the medium term, further extending a streak that is currently at 29 straight years.

An elite dividend stock

Enbridge has closed its once-in-a-generation opportunity to add three high-quality gas utilities to its portfolio. They enhance the stability of its earnings base, increase its diversification, and bolster its growth profile.

Because of that, Enbridge is in an even stronger position to continue growing its dividend. That makes it an excellent dividend stock to buy for the long term.

Should you invest $1,000 in Enbridge right now?

Before you buy stock in Enbridge, consider this:

The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Enbridge wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.

Consider when Nvidia made this list on April 15, 2005… if you invested $1,000 at the time of our recommendation, you’d have $716,988!*

Stock Advisor provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month. The Stock Advisor service has more than quadrupled the return of S&P 500 since 2002*.

See the 10 stocks »

*Stock Advisor returns as of September 30, 2024

Matt DiLallo has positions in Enbridge. The Motley Fool has positions in and recommends Enbridge. The Motley Fool recommends Dominion Energy. The Motley Fool has a disclosure policy.

This 6.5%-Yielding Dividend Stock Just Closed the Final Phase of a Once-in-a-Generation Opportunity was originally published by The Motley Fool