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Inter-Alliance buys HST Financial

Inter-Alliance has snapped up rival IFA group HST Financial for an undisclosed sum.

Inter-Alliance is also raising £10 million through a new share placing with Norwich Union and Friends Provident investing £5m each.

The move will increase Inter-Alliance&#39s number of RIs by approximately 30 per cent to 1,300 from 1,000.

The deal for HST will be on a share for share basis and will see HST chief executive Phil Lockyer and business development director Helen Davis join the Inter-Alliance board.

Lockyer will become head of distribution and Davis will continue in the role of business development director.

Inter-Alliance chairman and chief executive Keith Carby says: “The focus on business efficiencies required by the Sandler report and recent FSA proposals means that more than ever IFAs need the backing of an organisation of substance.

Lockyer says: “I welcome this positive way forward for HST. The new organisation is going to be an extremely vibrant and exciting place to be.”

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