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First buy as Berkeley Berry Birch seeks small IFA firms

IFA group Berkeley Berry Birch has bought former DBS member firm Professional Financial Solutions for £1,528,875 in cash and shares.

It says the acquisition is the first in a series of small IFA purchases as part of its latest expansion strategy.

PFS has a turnover of £1.5m and has offices in Huddersfield and Camberley. The firm&#39s 17 registered individuals will now join BBB.

BBB says it is looking to make a series of purchases of firms of this type this year after raising £20m in capital last October to fund acquisitions.

It is also continuing with plans to self-insure for professional indemnity cover after being given the go-ahead from its board members.

The firm believes that bringing control of professional indemnity insurance in house would be a big attraction for its members.

BBB group deputy chief executive Stephen Ingledew says: “Geographically, there are some areas where we are stronger than others so I think this purchase will be a very good match.”

BBB group chief executive Clifford Lockyer says: “The acquisition of PFS demonstrates our strategy of capitalising on the structural changes currently affecting regional and national IFA firms.”


Compliance countdown

Compliance with the new FSA regime for mortgage intermediaries, to be introduced in the fourth quarter of 2004, will be complex and costly. It promises to be a shock for firms that have never been subject to rules before. The experience of companies in other sectors of the financial services industry that came under the […]

Aegon takes 9% stake in Aurora

Aegon UK is buying a 9 per cent stake in Aurora Financial for an undisclosed fee, bringing the number of its acquisitions and strategic investments in IFA firms to nine. Aurora, formed from the merger of Jackson Batten and Advisory & Financial Planning Services last July, specialises in employee benefits and has 38 RIs. Aegon […]

Henderson Global Investors – Global Fixed Income Absolute Return Fund

Wednesday, 29 January 2003 Type: Hedge fund Aim: Growth by investing in fixed income securities Minimum investment: Lump sum $100,000 Place of Registration: Cayman Islands Investment spilt: 100% in fixed interest securities Charges: Annual 1.5% Commission: Initial up to 3% Tel: 0800 881144

Major life offices are riding out the long slide, says FSA

The FSA insists that no big UK life offices have breached solvency requirements, despite an unprecedented 11 consecutive days of stockmarket falls which have seen the FTSE 100 drop by 10 per cent in the last fortnight. However, the regulator refused to be drawn on smaller life offices&#39 solvency. It claims the majority of the […]


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