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IFAs and networks vie for Brain stake

Mortgage Brain has been approached by leading IFAs and networks – understood to include Misys – about acquiring the electronic trading platform&#39s remaining equity stakes.

The IFAs would join with Woolwich, NatWest and Nor-thern Rock, which acquired stakes in the past year from the original consortium of Nationwide, Halifax and Alliance & Leicester, which had bought a 51 per cent share in the company last March. But the lender consortium is thought to want to sell only another one or two stakes in the platform to cap the number of companies on the board, sparking a scramble by intermediary groups.

Bankhall is also believed to be among those interested but denies making an approach. It could tie its Point One mortgage and non-regulated product network to the platform.

However Misys, which places around 75 per cent of its mortgage business with the platform&#39s owner lenders, is understood to be keen to mould the company from within and have access to its technology developments.

Mortgage Brain software is also about to go live on Misys&#39 portal Assureweb.

The six lenders should be able to trade electronically with Mortgage Brain before the end of the year but may not agree to sell the remaining stakes until the platform is up and running.

Mortgage Brain chief executive officer Mark Lofthouse says: “I cannot comment on market speculation.”

Misys head of PR Paul Charles says: “We have a close working relationship with Mortgage Brain and we are talking to them about exploring further opportunities.”

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