A group of asset managers, including M&G Prudential, BlackRock and Invesco, have called on the government to close a legal loophole, which would have allowed insurance giant Aviva to redeem £450m of high-yielding preference shares without paying a premium.
Investor pressure in March forced Aviva to back down on the plans, which were driven by legal advice owing to regulatory requirements and would have seen the preference shares no longer count as regulatory...
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