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Charles Stanley eyes up Chartwell Direct

Charles Stanley is understood to be in talks with investment brokers Chartwell Direct to acquire part of the business.

Money Marketing understands that talks are at an advanced stage.

Chartwell Direct launched in 1995 and is part of the Chartwell Group which has over 35,000 clients.

In 2009, Chartwell Direct broadened its products to include a Sipp as well as investment guidance and reporting services. This included the launch of an investor service arm which allocates clients an investment account manager who provides personal guidance and reports to clients on their savings and investments.

Charles Stanley acquired discount financial intermediaries Garrison Investment Management Limited in 2007 for up to £8m.

At the time of the acquisition, Garrison had over £200m of assets under administration for clients and administered £175m of other assets held within collectives.

Charles Stanley currently has £11bn of client funds under management and administration.

Charles Stanley and Chartwell were both unavailable for comment on the issue.



So, what should TPD be renamed?

The Association of British Insurers and its working party, the group handling the statement of best practice for critical illness cover, is calling for IFAs to help it find a new name for total permanent disability.


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