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Exchange is not for sale, says Vertex

Vertex has reaffirmed its commitment to The Exchange, promising continued investment and revealing that it has turned down bids for the portal since it bought Marlborough Stirling in May.

The news comes as Marlborough Stirling is rebranded Vertex Financial Services – a move widely predicted since the takeover – although The Exchange brand will remain.

Vertex Financial Services managing director Andy Hunt says he has received a number of bids and expressions of interest for The Exchange but there is no chance it would sell the “successful business” as it is integral to future plans.

In June, Money Marketing reported that a number of providers had approached Vertex with a joint bid.

The Exchange managing director David Child says the number of multi-tie deals completed recently has boosted the amount of money available for development at the portal.

Child says he is in close discussions with providers about setting up a provider advisory board to create an ongoing relationship.

He believes the independence of the portal is appreciated by providers.

Vertex has also announced the appointment of Andrew Colvin as life and pensions managing director. He was previously head of insurance at Electronic Data Systems UK.

Hunt says: “We were careful to retain the sub-brand due to its power in the market and are completely committed to investing in the portal’s future. There have been a number of bids and expressions of interest in it since we took over but it is not for sale.”


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White paper — In Focus: Ebola Virus Disease

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