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Destini beats 70 to buy Aaron Client list

The Destini group has bea-ten around 70 other bidders to buy the client list of collapsed investment IFA the David Aaron Partnership.

Destini was one of about 70 firms interested in the Milton Keynes IFA which was liquidated in December last year.

It has secured the deal to purchase certain remaining assets but will not be taking on the business or any of the employees and there is no continuing involvement for David Aaron.

Destini group chairman and chief executive Barry Parsons says the 150,000-client base will be divided between Destini IFAs, according to location and type of client.

This is the 91-RI group&#39s 16th acquisition in 16 months and it says it intends to speed up the acquisition pace for the rest of 2004 by purchasing two IFAs each month.

Any compensation claims against the David Aaron Partnership, which is known to have sold a large number of structured products, will be passed back to the Financial Services Compensation Scheme.

KPMG corporate recovery partner and joint administrator Finbarr O&#39Connell says: “Following a huge amount of interest in the administration of David M Aaron, we are pleased to bring about a sale of certain of its assets. Following the sale, the client base will have the opportunity to explore the financial services which Destini offer. Meanwhile, any clients of David M Aaron who have claims against that company should continue to write to us, outlining the details of their claims.”

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