View more on these topics

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.”

Recommended

Finsbury Trust grows by more than half

Investment trust Finsbury Trust has posted a 58 per cent increase in net assets in the year ending March 31. The fund, which operates mainly in the smaller quoted sector in the UK, gives investors an increase in dividend of 19 per cent to 5p from 3.2p The investment trust is owned by Apax Finsbury […]

IFAs missing out on term sales

IFAs are losing out on valuable business opportunities by not consideringterm insurance for their clients, according to figures from Swiss Re Life &Health.The company&#39s research shows that direct salesforces sell nearly twice asmuch individual term insurance as their IFA rivals, with DSFs accountingfor 61 per cent of all sales compared with just 32 per cent […]

Jupiter spends £1m to reassure IFAs and clients

Jupiter is running a £1m reassurance campaign in a bid to calminvestors&#39 fears following the departure of chief executive officer JohnDuffield.Letters have been sent to all IFAs who sell Jupiter products and to eachof its retail savers offering assurances that there will be no mass exodusof senior fund managers.The company has also launched an internal […]

Norwich extends longterm health coverage

Norwich Union is giving free critical illness cover worth £10,000 for 12 months as an ad-on to its SafeGuard Income Protection policies. The deal is part of NU’s drive to offer more to intermediaries enabling them to give offer clients more comprehensive cover packages. The critical illness policy pays a lump sum benefit which provides […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment