Confusion surrounds the future of Sesame’s parent firm Misys as three former directors try to take control and break up its three divisions.Ross Graham, John Sussens and Mike O’Leary, who between them have a 4.5m stake in the firm, are worried Misys could be sold too cheaply and want to maintain its listing and split the banking, healthcare and financial services divisions. Current directors of Misys meet this week to look at several bids, including the offer from the former directors, a management buyout thought to be led by chief executive Kevin Lomax and several offers from private equity firms. The ex-directors are being advised by Bridgewell Securities and aim to break up the firm within six to 12 months. The move would pose further questions about the future of Sesame. Misys abandoned its attempts to sell the network in March after failing to achieve an acceptable sale price. Bell Lawrie small-cap analyst Ian McArthur says the network is most likely to be bought by a strategic investor, either a provider or syndicate of providers, rather than private equity investment or management buyout.
The CII has proposed a new approach to its corporate governance to reflect best practice in the 21st Century, strengthen accountability and increase membership engagement.
In uncertain market conditions, it is very difficult to advise investors where to put their money. I believe that Close Brothers Private Bank, the offshore company of the Close Brothers Group, has found the best solution so far.
UCB Home Loans is now texting brokers with updates on mortgage cases to improve service.The lender is using both e-mail and text messaging to enable brokers to track the progress of mortgage applications.The system enables brokers to view progress on cases 24/7, receive text and e-mail updates at key stages of the application process, and […]
The UK should regulate financial services products rather than advice, says Scottish Widows protection marketing manager Nick Kirwan. He says advisers have a tough time remaining compliant on largely personalised products and they get little support from the FSA, which often makes retrospective decisions. Kirwan says product regulation is successful in other European countries and […]
By Jim Grant, Senior Product Insight & Technical Support Analyst 6 April 2016 brought in changes to employer duties for directors and partners in limited liability partnerships. Here we explain exactly what’s changed. Before 6 April 2016… Directors of limited liability companies where there were no other directors or employees were exempt from the employer […]
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The Financial Ombudsman Service has appointed Money and Mental Health Policy Institute vice chair Richard Lloyd to lead an independent review into its complaints handling process. The former Which? executive director has been charged with producing a report into FOS’ practices after a Channel 4 documentary earlier this year suggested a number of failures at […]
Aberdeen Standard Investments has voted against multi-million pound payouts for senior executives at housebuilder Persimmon. Persimmon held its annual general meeting today. There was a huge outcry at the end last year when it emerged the chief executive, chief financial officer and managing director of Persimmon were in line for huge pay packets as a […]
Consideration of non-pensions related tax-advantaged investment is becoming more necessary This week I want to take a look at where things stand in relation to pensions and planning using tax-advantaged investments following the Spring Statement. With the increasing impact of the lifetime and annual allowances, consideration of non-pensions-related tax-advantaged investments is becoming ever more necessary […]