IMA revealed as mystery frontrunner in Lifemark rescue talks

The Investment Management Association (IMA) has confirmed it is leading efforts to shore up troubled Keydata-backer Lifemark, as part of a bid to recoup the fund management sector's £233m FSCS bill.

Parties close to the deal are believed to be eager for an arrangement to be struck with the FSCS, which could see some of the industry's levy repaid if Lifemark can be rescued and start paying out to investors. Guy Sears, director of wholesale at the IMA, says he has been in talks with Lifemark's provisional administrator KPMG about providing liquidity to the Luxembourg-domiciled life settlements vehicle. Talks have been ongoing since the FSCS announced it would hit the whole investment industry (including advisers and fund managers) with a record £326m interim levy five weeks ago. Th...