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Foster Denovo acquires IFA arm of GI broker

Foster Donovo has acquired the IFA arm of general insurance broker John Holman & Sons.

The National IFA would not reveal the cost of the acquisition but says it expects deal activity to remain on the agenda in 2011 after being an “interested spectator” in 2010.

The acquisition will allow John Holman & Sons to concentrate on its general insurance broking business, says the firm.

Foster Denovo chief executive Roger Brosch says: “Acquisitions pose interesting opportunities for us, and now form a key part of our growth strategy as we approach RDR. The acquisition of John Holman & Sons IFA business is a very good fit with this strategic intent, bringing both quality client sand advisers to our thriving City of London office.”

John Holman & Sons chief executive says: “In light of the ever increasing complexity of financial advice and regulation, we have enlisted the support of a large provider specifically focused in this arena to ensure our clients’ long term protection and support.”

Foster Donovo was established by Keith Carby in 2005 and completed its buyout from the Tenet Group in 2007.

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