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Amex links up with Group 300 network

American Express Financial Services Europe is entering into a strategic partnership with IFA network Group 300 in the second major deal AEFS has struck in a month.

The firms have signed a letter of intent on an agreement that will see Group 300 integrate its business with AEFS&#39s wrap account, which launched in March with five wealth managers. Group 300, which comprises IFA Network 300 and online financial advice platform Adviser 300, plans to leverage the wrap before going on to work closely with AEFS to develop additional services aimed at helping advisers forge closer relations with affluent clients.

The move comes only weeks after AEFS announced it was entering the second stage of its wrap rollout by entering into a partnership with multi-distribution platform Thinc. The Group 300 agreement is the second such partnership deal, with a third expected to be announced in the near future.

AEFS now has wrap tie-ups with seven firms, including M2 Financial, Genesis, JBW Associates, Magus and Private Wealth Management. The wrap offers straight-through processing, real-time valuations and a variety of asset classes and tax-efficient wrappers.

AEFS chief executive Ivan Schouker says: “With its online IFA business, Adviser 300 and its quality expanding network, Group 300 operates a forward thinking and attractive distribution model, one that complements our business perfectly.”

Group 300 chief executive Chris Batten says: “It became clear during our discussions that we share many of the same values and that with the mix of customer service and innovation from both businesses together we can provide an excellent service to our advisers and their clients.”

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