View more on these topics

Graphite pays £17m to boost PIFC stake

Pension specialist IFA PIFC Benefits Consultants is getting a £17m cash injection in a deal that sees private equity firm Graphite Capital take a majority stake in the firm.

Graphite is increasing its holding in PIFC to 62 per cent from the 29 per cent that it has held since 1998, with PIFC&#39s management retaining the remainder of the shares.

PIFC has 25 registered individuals and a turnover of £8.5m a year, principally in corporate pensions and employee benefits advice.

Graphite will not disclose how much of the £17m has gone to pay for the extra 33 per cent stake but some of the cash will go towards the company&#39s expansion plans in the pensions and employee benefits sector.

PIFC is understood to be looking at corporate IFAs and consulting actuaries as takeover targets and says that flotation on Aim is a possibility.

PIFC chief executive Terry Bennett, who founded the company in 1983, retains a 10 per cent stake and becomes chairman of the consultancy business, with Peter Pennington Legh switching from that role to become group chairman.

Bennett&#39s role as chief executive will not be filled but former PIFC financial planning division managing director Nick Burns steps up to the role of group managing director after 12 years with the firm.

Bennett says: “The changes in the regulatory environment and the market forces affecting the pension industry represent an opportunity for PIFC to pursue further growth.”

Graphite partner Simon ffitch says: “PIFC has a track record of revenue and profit growth. Having originally invested to acquire a minority stake in the business in 1998, we are delighted now to be backing the management team to take the company through its next phase of development.”

Recommended

Cheap quotes can be costly

In response to the Sandler Report and perhaps to CP121,I would like to draw the attention of those who believe that commission and/or charges are the only key to increasing mass saving,to the following two eminent quotations.First, John Ruskin: “There is hardly anything in this world that some man cannot make a little worse and […]

AMP Pearl and London Life close to new with-profits business

AMP Pearl and AMP London Life are closing their doors to new with-profits bond and annuity business. The product range will be plugged with new products from AMP NPI.AMP says that the Pearl fund has been selling equities since the beginning of the year and currently has an equity exposure of 35 per cent. It […]

Birmingham Midshires pulls the trigger

Birmingham Midshires has unveiled the fifth issue of its guaranteed five-year trigger account, which is linked to the FTSE 100 index for five years.This guaranteed equity bond is available to investors with at least £1,000 to invest and guarantees the return of the original capital whatever happens to the index. It also provides a fixed […]

Bradshaw slams &#39wasted cash&#39 in funds

The UK retail fund management industry is dominated by lazy money sitting idle in poor-performing or expensive funds to the detriment of investors, according to industry commentator Paul Bradshaw.Speaking at the CII Sofa post-Sandler conference in London last week, Bradshaw said he was appalled by the number of investors whose money is being wasted either […]

Investment clock economic update

In the latest Investment Clock economic update, Ian Kernohan, Senior Economist at Royal London Asset Management, discusses the implications of the US Federal Reserve’s recent hike in interest rates and upcoming French presidential election. The value of investments and the income from them is not guaranteed and may go down as well as up and […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com