Foster Denovo is set to break away from the Tenet Group in a management buyout just 14 months after its launch, Money Marketing understands.
It is thought that the two businesses are to split due to strategic differences and will announce their parting of ways in the coming week.
Top-producing Foster Denovo advisers Paul Clarke, David Pugh, Darren Laverty and Mark Bingham are leading an adviser representative committee that is thought to be working alongside managing partner Roger Brosch and executive chairman Keith Carby to drive through the management buyout deal.
Foster Denovo is a nat-ional IFA with five branches. The group saw its turnover triple over the last year, with its 130 IFAs each producing an average turnover of £200,000. The adviser firm was launched by Carby in November 2005.
It was born out of Tenet’s national IFA business, Capital Planning UK, which Carby joined as executive chairman in April that year. He also took a seat on the Tenet board at the same time. It is not known whether he will retain this position.
Carby’s career includes spells at Allied Dunbar, J Rothschild Assurance, where he was a co-founder, and latterly chairman and chief executive of Inter-Alliance. He left Inter-Alliance due to strategic differences following its merger with Millfield in August 2004.
Both Tenet Group and Foster Denovo declined to comment.