View more on these topics

Avelo acquires Trigold-Crystal

Avelo is rebranding TrigoldCrystal as Avelo Trigold following its acquisition of the mortgage sourcing system.

This week, Avelo announced the acquisition, which was tipped by Money Marketing in July. The terms of the deal have not been disclosed.

As a result of the move, Trigold’s management team is joining with Avelo’s senior management.

TrigoldCrystal chief executive John Whitmore will become Avelo mortgage products and strategy director and sales director David Thompson will become Avelo head of mortgage distribution.

Chief technology officer Patrick Shuker will take up the role of Avelo mortgages CTO and external consultant Martin Colyer will become Avelo mortgages consultant.

Avelo strategy and product development director Paul Yates says: “People know the Trigold brand and are used to it and it makes sense to offer that continuity, although we have dropped Crystal from the name.” He says Trigold could possibly be dropped from the title over the next two or three years.

The combined business of 1st Exchange, N4 and Screen Business rebranded as Avelo in April 2011.

Mortgage Brain pulled out of a proposed merger with TrigoldCrystal in March 2011 following an Office of Fair Trading decision to refer the deal to the Competition Commission.

Avelo managing director Chris Noblet says: “Trigold is already a strong business and we believe that combined with our established market position, our joint customer groups will benefit from a step-change in the use of e-commerce in the mortgage intermediary market.”

EGL financial technology consultant Eddie George says: “Avelo is now in the difficult position of providing services to its competitors as Trigold is the main mortgage-sourcing portal. The firm may well find it difficult to integrate all its different components after so many acquisitions.”

The Money Marketing blogs

“The major quotation services for the life and mortgage industry grew up separately, even though large numbers of their adviser users operate in both business areas. For Avelo to optimise the return on this acquisition, it will be crucial for them not to let the mortgage-related services become the poor relation within their business.”

Ian McKenna, director of Finance & Technology Research Centre
To read this blog, and others, go to www.moneymarketing.co.uk/blogs

Recommended

Deficit figure for defined-benefit plans surges to £10bn

Companies running defined-benefit pension schemes saw their combined deficits balloon by more than £10bn in April. Pension Protection Fund analysis shows the combined deficits of the 6,432 DB schemes potentially eligible for entry into the lifeboat scheme rose from £206.2bn at the end of March to £216.8bn at the end of April. The April 2012 […]

Tenet CPD programme gets CII accreditation

The Tenet adviser programme for continuing professional development has been awarded Chartered Insurance Institute accreditation Tenet group distribution and development director Keith Richards says: “We have worked closely with the CII for many years and this accreditation is a significant enhancement and will make the process of attaining the required 35 hours of evidenced structured […]

BSA says mortgage prisoners will be hit by strict affordability rules

The Building Societies Association says there will still be a significant amount of so-called “mortgage prisoners” despite transitional arrangements in the mortgage market review designed to avoid this. The FSA estimates around half of the 10.5 million people who took out mortgages between 2005 and 2011 could be prisoners because of high loan-to-value ratios, negative […]

Inheritance tax when it is relevant

Neil Jones is Technical Support Manager with Canada Life’s ican Technical Services Team. Canada Life offers a range of wealth management solutions, including retirement income planning, estate planning and investment solutions from a choice of jurisdictions, including the UK, Isle of Man and Republic of Ireland. A trust can offer significant advantages when an individual is […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment