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Burns Anderson set to buy networks

Burns Anderson is in acquisition talks with networks and IT offerings after making a profit in 2003 and taking itself off the market in December.

BA has long been viewed as a potential target for acquisition, with Tenet launching a bid last year which fell through in the final stages. Group 300 and Berkeley Berry Birch were also rumoured to be in the running.

However, business development director John Hayden says BA made profits of around £250,000 last year and is now in discussions with other networks with a view to acquiring them.

BA is also keen to develop its IT proposition and is looking at a number of potential acquisitions. Hay-den says he wants to compete with technology-based networks such as Group 300, Simply Biz and Positive Solutions.

Part of BA&#39s development includes new mortgage network BA Mortgage Services and a protection network, BA Protect.

The pricing structure for the mortgage network is not yet finalised but should be between 5-9 per cent of members&#39 turnover.

Hayden says: “Until December last year we were operating as a business with a for sale sign outside our window. Our previous management were focused solely on selling the business, not on running it.

“We have now turned the business around from a non-profitable organisation that was failing FSA capital-adequacy requirements to a very sound financial network. We are now an aggressor rather than a target.”


ScotEq enables advisers to track underwriting online

Scottish Equitable is introducing a facility that allows IFAs to track the underwriting of group protection schemes through a secure website. The tracker tool gives advisers and employers a central reference point that contains a wide range of data including scheme details and underwriting information. ScotEq says the new initiative gives IFAs greater control over […]

Commission culture exacerbated endowment crisis

Labour MP John McFall has blamed the financial services industry&#39s commission culture for exacerbating the endowment crisis and has called for a “more positive engagement” from the industry in tackling the problems created by mortgage endowment shortfalls. The Treasury select committee chairman has made the call following the publication of the committee&#39s report on restoring […]

Miles report published

Professor David Miles has published his final review of the long-term fixed rate mortgage market today, setting out a list of recommendations for the Government and the industry to consider. The recommendations are aimed at helping improve the advice and information borrowers receive so as to create a fairer and &#39more transparent pricing structure&#39. They […]

Cape crusader

Talk about sleeping with the enemy. Prudential investment sales manager Andy Brown was laughing all the way to Cape Town recently, courtesy of Norwich Union. NU took its top salespeople on the jaunt for a week and allowed partners to come, one of whom is Brown. The Diary understands a high-level meeting was required to […]

Global income: preparing for a rate rise…

In the five years since we launched the Artemis Global Income Fund, its manager Jacob de Tusch-Lec has built a distinctive portfolio that is first among its peers. Here he explains why his “quality, cyclical and value yield” stocks, and flexible approach, leave the fund better placed to benefit from uncertainty than funds that depend […]


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