View more on these topics

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.”

Recommended

Investment trust discounts fall

The average investment trust discount has fallen to 7.4 per cent, its lowest level in more than a decade following two years of strong market growth. The AITC says greater focus on good governance and the increased use of discount control mechanisms, such as share buybacks also helped.

The price of advice

In his second article on depolarisation, The Strategy Works managing director Michael Herson considers why it costs too much to give advice and the ticking timebomb that is the aging adviser population

Revenue drops controversial proposal for one-off levy on non-profit funds

HM Revenue & Customs has dropped plans to tax investment reserves on insurers’ non-profit funds following intensive lobbying by the ABI. Legal & General says the removal of the charge, which would have been a one-off levy on non-profit funds that do not pay out income and gains, will save it up to 500m. The […]

Elderstreet tops up

Venture capital manager Elderstreet is raising up to 1.41m for the Elderstreet venture capital trust through a 10 per cent top-up issue.

In Focus Ebola cover - thumbnail

White paper — In Focus: Ebola Virus Disease

Jelf Employee Benefits focuses on Ebola Virus Disease (EVD) and what this means for businesses with operations in West Africa. This will be of particular interest to those with employees either travelling to, or living within, West Africa, the area affected by the most catastrophic outbreak of Ebola to date.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment