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Bankhall firms to get £6,250 in £114m deal

Bankhall members are set to receive an average windfall of £6,250 as the


member services organisation is bought for £114m by software giant Lynx.


The 800 member firms which qualify for a payout belong to Bankhall and its


nursery network Investment Strategies.


The new operation has yet to decide on how to determine individual


payouts. It may depend on the size of firm and its length of membership.


Bankhall now plans to develop a one-stop internet portal by this autumn


which will incorporate its systems and offer share trading. It will


initially provide quotations on several products, including


stakeholder-friendly pensions.


Nine providers have signed up to the portal so far but analysts say there


is tough competition for other life offices.


Cheshire-based Bankhall provides compliance, administrative and other


support services. In 1999, its turnover was £33.1m, with operating profits


of £3m. It hopes to expand as a result of this week&#39s deal.


Lynx supplies systems to financial services companies, including Halifax


and Standard Life Bank.


Lynx managing director of financial services Ken Liscombe says: “Being a


software provider is not sufficient in the long term. We had to become part


of a distribution channel and Bankhall puts us among the three most


important of those.”


Bankhall head of business operations Tony Murrell says: “The deal has


given us a strategic alliance with an ideal partner. We can increase the


number of services and benefits to members.”

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