View more on these topics

Destini builds up in capital with London buys

Destini Financial Services Group has continued its aggressive acquisition programme with the acquisition of two London IFA firms.

City IFA London and Redwood will bring 10 more registered individuals into the group. The advisers will be operating alongside Destini Fiona Price, Destini Seymour and Destini Bloomsbury advisers in London.

Destini, launched in 2001 by group chairman and chief executive Barry Parsons, has bought 19 IFA firms in the last three years.

Parsons says the group intends to concentrate on developing its presence nationally in the next 12 months with a number of businesses in each region of the UK.

The two new deals, which were for a mix of cash and shares, bring the group&#39s total of RIs to 104.

The acquisitions are part of Destini&#39s plan to expand in the capital. It now has 30 RIs in London, with the businesses producing a £3m turnover.

City IFA London director Tony Waters says: “We believe that the current market and regulatory changes will mean that smaller IFAs need the resources and organisation of large groups to survive in the future. The synergies that are available within Destini, particularly with a great many firms specialising in niche areas, provide us with exciting growth and profit opportunities.”

Redwood partner Ray Nunn says: “Destini is changing the landscape of the IFA market and we are delighted to be part of the team.”


Tories look to Lords on annuities

The Conservatives will take their plea for annuity reform to the House of Lords if their bid to bring an end to compulsory annuities fails in the House of Commons this week. The Pensions Bill reaches the final stages of committee this week and Shadow pensions minister Nigel Waterson says he intends to table an […]

NU slaps guarantee charge on NUL&P fund

Norwich Union is placing a 0.75 per cent charge to pay for guarantees on its NU Life & Pensions with-profits fund to allow it to maintain its 52 per cent equity backing ratio. The life office has also published principles and practices of financial management for all of its with-profits funds. Under the FSA&#39s new […]

From the FSA team to the A Team?

An invitation to a gala dinner from The Compliance Register, the international organisation for compliance managers, started a rumour that FSA supremo John Tiner could be leading the after-dinner entertainment. A circular promises live music from The Deadbeats, starring Credit Suisse Asset Management&#39s Bob White on lead guitar and a mysterious Mr T from the […]

Network members must unite against VAT on charges

Readers will have seen the Customs and Excise decision to start applying VAT to charges made to members of a network. Can I implore anyone who is part of a network to contact their senior management and make it clear what your feelings are. This is a radical change and alters what is nearly 20 […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment