Thinc Destini will cost Axa up to £100m, making chief executive Simon Chamberlain a multi-millionaire.The French insurance giant this week finalised the terms of its acquisition of the adv- iser group, its first deal of this kind and exclusively revealed by Money Marketing in July. Axa, through the newly formed company Advisory Services Limited, placed a formal offer of £70m for Thinc Des-tini firm based on its performance in 2009 and pledged a further £30m to refinance its debt and provide working capital. Chamberlain and fellow directors and major shareholders Neil Harkin and Gregg Taylor could pick up more than £5m apiece from the deal. Chamberlain stresses that although the incentivisation plan runs over three years, Axa views the acquisition as a long-term strategic play. He says the capital injection has enabled the firm to clear its £20m debts, which will save it around £4m a year in interest and capital repayment and add around £2m a year of additional profit. Thinc Destini has 200 multi-tied advisers and 500 IFAs. Chamberlain says: “We have all been tied in until 2009 but I must stress this is not a three- year business plan. We will be in a position to disclose the details of the incentive scheme to our advisers at our December conference.” ASL managing director John Simmonds says: “We are happy with the way this first step is progressing. The model will continue and we need the management at Thinc Destini to see it through. The existing business will run as a separate ‘independent’ business to that of Axa. Although we are planning the earn-out to 2009, we hope this will continue as a longer-term option.”
Advisers should not have any problems selling protection products because Google is getting more than 660,000 related enquiries a month, says Tenet. The distribution group recently looked at the number of search enquiries Google UK received a month on life insurance. The terms “insurance life” brought up 450,508 search requests a month, which chief executive […]
Gerry O’Brien has been promoted to the role of managing director at Home of Choice.O’Brien moves to the position made vacant in February, after Richard Coulson was promoted to chief executive, from his previous role as sales director at the firm.Simon Thomas moves from his role as business development director to replace O’Brien as sales […]
My annual pilgrimage to the West Country was a somewhat muted event on this occasion. True, it was as enjoyable as usual. The weather was kind(ish) and the turnout for the seminar at the splendidly sited Carlyon Bay hotel, if a little down on previous years, included a top line-up of local advisers. But I had to come clean, you see. It is possible that 2006 would be the last year in which I endeavoured to give the good folk of Devon and Cornwall the City’s view on what was likely to happen to markets.
Hargreaves Lansdown is urging customers to consolidate their pensions pots and break from the dogma of spreading pension arrangements. The firm says the fact that people are getting through an average of five jobs in their working lives has led to a massive increase in the number of pension pots in existence. ABI figures show […]
Dr. Andrew Lo, Founder and Chief Investment Strategist at AlphaSimplex, discusses why it is difficult to keep a long-term perspective in short-term markets.
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As the outlook for the UK’s economy remains uncertain, how can advisers prepare portfolios for any change in inflation? As higher inflation fails to appear on the horizon and wages grow faster than expected, fund managers are weighing up their portfolio moves for any potential changes in the economy. The UK consumer prices index rose […]
IFA directors Kevin and Cheryl Neal have been banned from being company directors by the Insolvency Service for six and four years, respectively. The married couple ran the now-defunct Hertfordshire-based Kevin Neal Associates Wealth Management. They were disqualified for taking assets from an insolvent company. The firm had been incorporated to take over the business interests […]
Hartley Pensions has bought the “untainted” assets of the Lifetime Sipp Company, which went into administration earlier this year. An update published today on the website of Lifetime’s administrators Kingston Smith & Partners says Hartley Pensions has also agreed to administer the tainted Sipps held by Lifetime Sipp. The administrator described tainted assets as those where […]