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BBN shareholders back £48m Berkeley buyout

The £47.7m acquisition of Ber-keley Independent network by IFA Berry Birch & Noble gained shareholder approval last week, with about 50 per cent of the network&#39s members taking share options.

The move was given the go-ahead at an EGM last week by about 94 per cent of existing shareholders, giving the deal unconditional acceptance.

The new company will be called Berkeley Berry Birch.

Just under 300 of the network&#39s 550 members have bought up to 2.5 million shares in the group, which gives them the chance to be part of its future growth.

BBB says it was oversubscribed, with applications for 2.6 million shares.

Clerical Medical, Friends Prov-ident, Norwich Union, Scottish Widows and Skandia have each invested £2.5m in the new firm.

A full marketing launch for the new venture is planned for spring when a new logo will be unveiled.

Group marketing director Ste-phen Ingledew says: “The commitment from network members is shown by the fact that just under half bought shares and that we were oversubscribed.”


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CSAM&#39s Shant to head Euro team

Credit Suisse Asset Management head of continental European equities Rajesh Shant has been recruited to head Mellon Newton&#39s European desk.Shant, who manages CSAM&#39s European fund, was only promoted to the head of continental European equities in October but will join Mellon Newton in March.In his new position, he will be responsible for leading and co-ordinating […]

Widows is first to slash WP bonuses

Scottish Widows has become the first life office to admit to huge cuts in with-profits bonuses by slashing rates on some policies by up to 33 per cent.The news comes as Skandia claims with-profits payouts will plummet by more than 60 per cent for policies maturing in the next 20 years.Widows says it is cutting […]

Ward quits Invesco Perpetual

Invesco Perpetual UK chief executive officer Hugh Ward has quit the business after almost six years with the firm.Ward, who is leaving for personal reasons, will be replaced by Rob Hain, the chief executive officer of the Canadian arm of North American fund giant AIM. AIM, which is owned by Invesco Perpetual’s parent Amvescap, has […]

Leading Edge June – Investment panel debate

RLAM’s asset class specialists discuss some of the findings from the panel session at our recent Investment Conference. By Rob Williams, Head of Distribution Welcome to the latest edition of Leading Edge. It has been an eventful six months since the last e-zine. The European Central Bank announced ongoing stimulus measures, while the immigration crisis in Europe threw the […]


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