active trading of the fixed interest stocks, coupled with investment in equities. “Keynes was the first to give [investment trading] the seal of respectability and to apply it to a life assurance fund.” Post-war Post-war growth was slow. “After the regime of Keynes…it was like a return to the dark ages under our new chairmen. Davenport, who was Deputy Chairman through the 1960s described “a slow business decline until a new actuary and manager had been appointed in 1956”. Harry Oram led a review of strategy in 1960 and elected for growth over consolidation with the objective of reducing unit costs. This was accompanied by a move from King Street to a freehold site in Bow Churchyard by St Paul's Cathedral. The business emphasis moved towards pension schemes, term policies and innovative house purchase polices. Investment policy once again emphasised the importance of equities, which reached 50% of assets at its peak – though with less successful results than in the Keynes’ era. Demutualisation National Mutual became increasingly dependent on sophisticated pension products aimed at high earners and lacked the scale to compete in the mainstream market. In March 2001 it announced the appointment of Dresdner Bank to review its mutual status. On 20 November 2001, members voted in favour of demutualisation and the transfer of business to GE Capital in a £435 million deal. This became effective in February 2002, following which National Mutual ceased to trade as an independent entity. References See also G H Recknell, King Street Cheapside, London, 1936