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Bid to calm investors after rollercoaster ride for Misys

Misys chairman Sir Dominic Cadbury has moved to reassure investors after a turbulent week that saw chief executive Kevin Lomax resign and over 200m wiped off the value of the stock.

Cadbury, who is acting as interim chief executive while a replacement is found, told the firm’s AGM last week that it was business as usual for the divisions, including network Sesame.

Misys’ share price fell from 226p to 187p over the week after a management buyout led by Lomax failed, prompting him to quit.

Sesame sales and marketing director Steve Young says: “These latest developments have no effect on the support we provide to advisers. We have a clear and ambitious vision for Sesame that is fully supported by Misys. We are committed to offering advisers an unrivalled choice of services and it is very much business as usual.”

Cavendish Asset Management senior fund manager and Misys shareholder Paul Mumford says: “The level of speculative interest and a kneejerk reaction to the bid termin- ation dramatically hit the share price but notably it has since edged higher.

“The hasty trading update actually revealed modest growth from the banking and Sesame divisions and there were no major surprises. The company is now in a position to deliver organic growth on a two to three-year horizon.”

Sesame member and Master Adviser principal Doug Brodie says: “I would assume that a new owner could only be beneficial. It would be a strategic acquisition and therefore would have to like and understand UK financial advice.”


Kayes quits Tenet at the top

Tenet chairman Barry Kayes is leaving the firm, saying he would rather go out on a high than “do a Tony Blair” and outstay his welcome. He has been chairman since 2000 when the Tenet Group was formed from the 17m management buyout of M&E and Interdependence. Kayes, who is expected to seek another position […]

‘Time to tidy up pension pots’

IFAs must break away from the more traditional focus on spreading pension arrangements and consolidate their clients’ pension pots before vesting funds, says Hargreaves Lansdown head of pensions research Tom McPhail. He told delegates at the round table that a wrinkle in A-Day rules makes it imposs- ible for clients with more than one pension […]

Balls says child funds beating expectations

Over £100m in voluntary contributions has been contributed to child trust funds in the first 16 months, according to data from the Pep and Isa Managers’ Association. It says its survey of CTF providers shows that nearly 30 per cent of accounts are getting additional contributions. It says £20 is the average monthly direct debit […]

Amps in apology after Asp attack

The Association of Member-Directed Pension Schemes has apologised to the FSA for attacking its “new requirement” for IFAs to carry out research into a client’s religious background when advising on alternatively secured pensions. In a speech last week, Amps chairman John Bradley said he feared it was a back-door attempt by Government to enforce a […]


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