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Falcon spreads its wings after 43% profit rise

Bristol-based IFA Falcon Group increased profits by 43 per cent to £341,000 in 2001 from £238,000 the previous year and boosted turnover by 55 per cent to £6.85m from £4.42m.

The IFA firm increased the number of its RIs by 40 to over 100, advising on assets of over £500m held by more than 50,000 individual and corporate clients.

Falcon plans to float on the Alternative Investment Market later this year if market conditions are favourable, with a view to raising further cash for expansion.

Chairman and chief executive Allan Rosengren says an Aim listing will have to wait until the outcome of the FSA&#39s polarisation reforms has been made clearer but he believes the reforms will lead to a drastic reduction in the number of IFA firms, presenting an opportunity for bigger firms with strong brands.

Rosengren says: “We believe the most likely effect of CP121 will be that consolidation in the sector will increase, enhancing the potential we have for forming additional relationships with other dynamic IFA businesses keen to create and access value. I estimate that the current 10,000 firms will be reduced to a few hundred and in the long term down to only a few dozen.

“Our strategy for continued significant growth is founded on a unique approach to building worthwhile relationships among equals.”


Mushens to leave M&G

M&G director of sales and marketing opportunities Jeffrey Mushens has left the company after 15 years to explore new horizons. Mushens, who intends to take the next few months off, will not be replaced by M&G. As a result UK retail chief executive Gary Shaughnessy assumes responsibility for governmental and regulatory issues, while managing director […]

Utopia Inns – Utopia Inns

Tuesday, 23 April 2002 Type: Enterprise investment schemes Aim: Growth by investing in leasehold bars and freehold pubs between Birmingham, Bristol and Reading Minimum investment: Lump sum £5,000 Opening-closing date: February 1, 2002-until further notice Charges: Implicit Commission: Initial 2.5% Tel: 01543 454947

ABI wants local councils to refer business to LTC firms

The ABI is in discussions with the Government over a new long-term care product which would see local authorities act as an introducer to pensioners on behalf of a licensed LTC insurer.ABI head of health Richard Walsh says the scheme would see local authorities referring business to an insurer they had signed a contract with.Walsh […]

Norwich Union tunes its theme

Norwich Union is raising its retail investment profile with the world leaders fund, an Oeic that aims for capital growth by investing globally in a portfolio of around 60 global stocks.The fund follows a similar thematic approach employed by the global theme fund, from its sister company Morley Fund Management. But unlike the Morley fund, […]

The curse of long-term cash

Trevor Greetham, Head of Multi Asset at Royal London Asset Management, reveals why clients should be seriously concerned when short-term holdings of cash turn into a long-term investment. There is nothing wrong with holding wealth in the form of cash on a short-term basis. For many people capital stability is important and access to ready cash […]


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