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Bankhall IFAs to get payouts of up to £40k

Members of support services company Bankhall and its nursery network

Investment Strategies will receive shares worth between £2,500 and

£40,000 following the recent takeover by Lynx.

Some 900 IFA firms are in the money after software company Lynx bought out

Bankhall for £114m.

The average share allocation, which excludes firms which recently joined

Bankhall, is worth £7,490 from a total pool of £5m.

It is understood Bankhall&#39s four directors pocketed more than £6m

each as a result of the deal signed at the end of April. The acquisition

gives Lynx increased distribution clout and allows Bankhall to improve

services to members.

The IFAs – including 200 which are part of the Financial Services

Consortium, formerly those firms regulated by IBRC – will be given their

share allocations later this month.

The size of the handout to each firm was determined by its contribution to

Bankhall profits and the length of time it has been with the support

company. Only a handful of IFAs qualify for the biggest allocations.

The four directors who got the bumper payouts in the deal are managing

director Simon Taylor, head of marketing Paul Hogarth, head of IT David

Warnock, and head of compliance Martyn Weaver.

Bankhall head of operations Tony Murrell says: “We had to apportion

amounts between members on an equitable basis which reflects their

contribution to our profitability in the time they have been involved in

the company.”


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