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Falcon parent acquires network for up to 2m

Falcon parent company Sumus has acquired the network Financial Services Advice and Support Limited for a fee of up to 2m.
FSAS is based in Dunfermline and has over 160 IFAs and mortgage advisers operating within 54 active appointed representative businesses.
The network currently has 60,000 clients with around 700m assets under advice with estimated turnover of around 10m for the year ending October 2006.
The deal means the Sumus group now has over 300 IFAs and mortgage brokers under its wings with assets under advice of around 2bn.
Sumus has bought FSAS for an initial 859,000 with up to 1,141,000 depending on future earnings.
This is the first acquisition by Sumus since it floated in February 2005
Sumus chief executive Allan Rosengren says: FSAS is a company which is well known to us, as a result of our having worked together during the past year through our respective businesses being members of the IFA Consortium. Sumus and FSAS share a number of key attributes, including our mutual commitment to independent financial advice and our complementary cultures and standards of exceptional client service.
The enlarged group will provide a greater range of offerings to clients and to
potential network members, by combining the existing full service and directly
authorised offerings available within the Sumus Group with the services offered
by FSAS. We are delighted to welcome FSAS into the group.


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