RSM Tenon takes over Vantis in £7m deal
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RSM Tenon Financial Services last week bought Vantis Financial Management from administrators for £7m.
Around 300 Vantis staff will join the RSM Tenon team, with the group estimating an additional £27m of annual fee inc-ome. Earlier this month, Vantis, the parent company of IFA firm Vantis Financial Management, was forced to suspend share trading due to a lack of funds. Chief executive Paul Jackson and head of business recovery Nigel Hamilton-Smith resigned on June 12.
The RSM Tenon deal came a day after the Vantis board ann-ounced it had appointed administrators to the group.
RSM Tenon has bought the firm’s London, Epsom and Leicester operations as well as its Thames Valley insolvency business. The deal comes less than six months after Tenon Financial Services merged with RSM Bentley Jennison.
RSM Tenon was earlier this year fined £700,000 by the FSA for failings in its advice and sales processes for Lehman-backed structured products and for failing to prevent unsuitable advice on structured products and pension switching. The fine related to failings of Tenon Financial Services which occurred before the merger with Bentley Jennison, which created RSM Tenon.
RSM Tenon Group chief executive Andy Raynor says: “The resilience and skill of the people joining our teams is reflected in their client following. This is a seamless fit with our operations.”
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