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BBB rejects multi-tie route

Berkeley Berry Birch says it will not go down the multi-tie route as a way of raising capital because it would go against the wishes of the majority of its advisers.

Marketing director Carey Shakespeare says some nat-ional IFAs have set-up multi-tie operations, not because their advisers wanted this but because directors needed to raise quick money.

BBB is in discussions to wipe out its 12m capital adequacy deficit but Shakespeare says the firm has not changed its mind about remaining independent and any change of heart would only come if desired by the majority of members.

He says: “I believe that the vast majority of our advisers want us to remain indep-endent.”

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