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For sale signs go up at DBS

DBS Financial Management has officially put up the for sale boards after

Money Marketing revealed last week that it was in talks with Bank-hall&#39s

owner Lynx.

DBS&#39s share price rocketed to 83.5p from 53.5p following Money Marketing&#39s


The 56 per cent increase gives the company a market capitalisation of

about £42.4m compared with around £27m a week ago.

Money Marketing exclusively revealed that Lynx was in advanced talks to

buy DBS and its Assureweb online portal to grow its IFA operations.

Following the article, DBS issued a statement to the Stock Exchange

saying: “The board notes the recent press speculation and announces that it

is considering a range of strategic options, including the introduction of

strategic investors into its subsidiary, Assureweb.

“Interest has also been expressed in the group as a whole and discussions

have been held which may or many not lead to an offer for the shares in


Lynx has since said it is not in discussion with DBS although Money

Marketing understands that talks were ongoing until very recently.

Attention is now turning to providers as possible buyers while fund

managers increase their stake.

In the past week, Canada Life has acquired 500,000 ordinary shares in DBS

at 73.4p per share. The deal gives its smaller companies unit trust fund a

2.3 per cent stake in DBS.

Gartmore Investment Man-agement funds have also taken a 1.24 per cent

stake in the firm, acquiring 88,737 shares.

Bankhall director Tony Murrell says: “We are not in negotiations with DBS.

I cannot comment on any speculation.”

DBS public relations managers Sue Lewis says: “We cannot comment on market



HSBC sets up multi-provider Isa

HSBC has launched a direct-offer multi-provider Isa, combining its income& growth fund, Merrill Lynch&#39s UK dynamic fund and Framlington&#39s healthfunds into one wrapper. The product, which is one of the first to takeadvantage of the relaxation in polarisation rules, will be marketed bymailshot to HSBC&#39s existing client base.

Insurance against living too long

Why do some commentators object to the compulsory purchase annuity regime? The reason apparently is that annuities give bad value for money. Inarriving at this conclusion, they cite annuity rates today compared withyears ago. They also argue that annuities are unpopular because they do notallow money to be paid to survivors on death. In fact, […]

&#39Takeover bidder set to swoop on Friends&#39

IFAs and analysts have cast doubts over the ability of Friends Providentto stay independent after its stockmarket flotation because a potentialbidder may only need £2bn. Friends expects to have a market value of between £3.7bn and£4.2bn after it demutualises and floats on the stockmarket on July 9. But industry sources bel-ieve a takeover bidder need […]

Principality tracks the flexible market

Principality Mortgages’ tracker flexible mortgage has joined the 93 similar products on the market.It is available for loans of up to 90 per cent of valuation. For the first year of the loan it will run at 1.05 per cent lower than the Bank of England Base Rate, giving it a payable rate of 4.2 […]


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