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400 IFAs ask about joining Portfolio &#39network&#39

IFA Portfolio&#39s pseudo network Anglo Caledonian is claiming to have had an "enormous" response which could make it the third-biggest network.

Chief executive Ian Mackinnon says Portfolio has received 400 enquiries from IFA firms which are interested in joining.

If all became members, the new network would rank in size behind DBS and Countrywide.

Portfolio is still debating the share structure of the new company.

It will own 60 per cent of the shares and the remain der will be offered to new members.

But it is yet to decide whether members who leave will be able to keep or be forced to sell their shares.

Mackinnon has confir med that, unlike rival Bank-hall, Anglo Caledonian will not be registered with the PIA.

He says: "We have had an enormous response from Portfolio members and non-Portfolio members, much larger than we anticipated.

"There is no need to be registered with the PIA. We are not giving investment advice and the members will be directly regulated.

"Anglo Caledonian is lik ely to be the name because it seems to be generally accepted."

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