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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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