Monday, 15 October 2007

Resolution: takeover battle

There could be a takeover battle for zombie fund manager Resolution this week. Standard Life and Swiss Re are plotting a joint bid to rival Pearl's bid of £4.5 billion. Clive Cowdery, Resolution's chief executive, is considering all the options.

Dougie Smith, secretary of the Finsbury Square Zombie Club, says, 'It doesn't really matter who gains control of Resolution. I'm just surprised that there is a need for zombie fund companies these days. Here at the Finsbury Square Zombie Club we do a lot of fund-raising for zombies down on their luck. There is also the new club in Canary Wharf. What's the problem?'

There isn't really a problem as far as I can see, but I don't think the zombie funds should be closed down. There will always be a lot of zombies who need money, and the zombie clubs can't help every time. Matthew Soames is a zombie who works for HSBC, and he told me recently that he approached the Canary Wharf Zombie Club for a small loan and the club wouldn't give him one. Now, this is nothing to do with Dougie Smith, but it shows that zombies need a wide range of companies and organizations to support them in times of trouble. Resolution and other zombie fund managers are here to stay.