Government changes position on private-placement market

The Government has changed its position on the private-placement market considerably according to parties involved in talks with financial services secretary Lord Myners.

Asset managers were summoned last week by Myners to discuss the expansion of the UK’s private-placement market, part of long-running discussions on the issue that was officially proposed in Chancellor Alistair Darling’s Budget report. The report confirmed the Government would seek to work with companies such as M&G, Standard Life Investments, Aviva Investors and others to help develop the market into a more established asset class. However, a source close to the talks says: “We are pretty much pushing on an open door at the moment. The Government has not got any money and are desperat...