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Chase de Vere staff to get £41m in BoI deal

Bank of Ireland has scooped up Bath-based IFA Chase de Vere Investments in a deal worth £110m.

Chase de Vere will be run as part of the bank&#39s wholly owned subsidiary Bristol & West and will remain independent.

Chase de Vere&#39s main owners, Mike Edge and Michael Chadwick could collect £69m between them. Chadwick has not played an active part in the business for some years but Edge will remain as a non-executive director of Chase de Vere Investments. Edge is using some of the proceeds to buy out the other shareholders in sister IFA company London & Country mortgages. It is not part of the deal and will remain a separate business.

Almost 200 Chase de Vere staff will share an optionspackage worth £41m. If profits double, the staff will collect a further £22.5m and could collect up to £320,000 each.

B&W chief executive Jeff Warden says: “This would bring to Bristol & West one of the most respected IFAs with a renowned brand name for service and excellence.”

Chase de Vere says the deal is good news for its clients as it will be run in the same way but will have the added advantage of being backed by a bank.

Chase de Vere Investments investment director Graham Hooper says: “This takeover is good news for the whole IFA community. It confirms that independent advice is a serious proposition for investors in the UK. It shows the right individual can build a serious business.”

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