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Berry Birch set to merge with BIA

National IFA Berry Birch & Noble is set to merge with Berkeley Independent Advisers network to create one of the UK&#39s biggest IFA distribution groups worth around £80m.

The IFA hopes the move will allow it to make economies of scale while maintaining its independence. BBN is one of the few IFAs listed on the main London Stock Exchange. It is valued at £6.5m and has 50 RIs, It has suspended its shares and announced a planned reverse takeover of BIA&#39s holding company, Berkeley Financial Services Group, valued at around £73m.

BIA, BFSG&#39s core business with around 550 RIs, says this is the first major merger bet-ween an IFA network and a national IFA and the firm hopes it will place it in a strong position in the distribution market.

The plan is to operate BIA and BBN as separate businesses under a new holding company. Merger details are due to be published this month.

BBN shares were susp-ended on October 29 priced at 83p down from a high over the past 12 months of 180p in February. The price has fallen since it was announced in April that it was setting aside a further £1.5m for the pension review. BIA chairman and acting chief executive of BBN Cliff Lockyer is likely to head the new group.

BBN marketing director Stephen Ingledew says: “With the pressures on margins, this move lets the network and national remain separate and grow independently while benefiting from economies of scale in areas like compliance.”


Charcol founder to buy retiring IFA firms

IFA John Charcol founder member Colin Studd is understood to be setting up a new company with the aim of buying the businesses of IFAs approaching retirement.Consifa will offer to buy small IFAs who are approaching retirement by offering an up-front payment, retention of all returns for three years by the adviser and a shareholding […]

Pink Home Loans – The Chameleon Mortgage 75 Per Cent

Thursday, November 1, 2001.Type: Tracker mortgage.Tracker term: Term of loan.Tracker rate: Bank of England base rate plus 3.75 per cent.Minimum loan: £25,001.Maximum loan: Up to 75 per cent of loan subject to a maximum of£1m.Income multiples: 3.5 times principal income plus second or threetimes joint.Arrangement fee: £395.Redemption fee: 6 per cent of amount repaid in […]

Exeter appoints European fund manager

Exeter Asset Management is appointing Mark Webster as a European fund manager, joining from Murray Johnstone where he was investment director for continental Europe.Murray was previously head of UK equities at Abu Dhabi Investment Authority.Exeter Asset Management managing director Chris Whittingslow says: “Mark is a valuable addition to Exeter&#39s investment team and provides us, at […]

ABI research reveals red tape halving sales time

Potential sales per week for IFAs have dropped by nearly half between 1995 and 2000, according to ABI-commissioned Oliver Wyman & Company research.The research, which is instrumental in shaping the ABI&#39s stance on polarisation reform, shows potential sales per week have dropped by nearly half to six a week in 2000 from 10 a week […]

Inheritance tax when it is relevant

Neil Jones is Technical Support Manager with Canada Life’s ican Technical Services Team. Canada Life offers a range of wealth management solutions, including retirement income planning, estate planning and investment solutions from a choice of jurisdictions, including the UK, Isle of Man and Republic of Ireland. A trust can offer significant advantages when an individual is […]


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