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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.”


TUC: Pensions bill shows our influence

The TUC has welcomed today&#39s pensions bill as addressing many of the measures it has been fighting for. TUC general secretary Brendan says the TUC specifically welcomes the creation of the pension protection fund and a new pensions regulator. But he says employees who have already lost out should not be forgotten, especially those that […]


Mr Pink, Mr Orange, Mr Blonde, Mr Blue and Mr White seem to have transferred their line of business from diamond robberies in Los Angeles to pension research in London. The Diary would like to introduce the faculty at the new pension institute at Cass Business School in London – Georges Selim, Martin Dockray, David […]

Kelly denies mutual prejudice as MP raises fears on reserves

Scottish National Party MP Alex Salmond has challenged the Treasury over its financial reserve requirements for mutual companies. Salmond raised fears over the future of demutualised life companies in a debate at Westminster Hall in London last week. He is concerned that Standard&#39s mutuality review could see the company taken over by a rival, similar […]

Bristol & West raises proc fees for adverse credit

Bristol & West is putting a greater focus on the sub-prime market by increasing the procuration fees on all its adverse-credit products. Brokers submitting applications for any of the products in B&W&#39s adverse-credit range can get an enhanced proc fee of 1.5 per cent, up from 1 per cent for an initial period of six […]


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