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Inter-Alliance in overseas venture

National IFA Inter-Alliance is to launch a joint venture with offshore financial services network group OFS WorldNet and has taken a 50 per cent stake in the group for an undisclosed sum.

The deal between the IFA&#39s Cyprus-based subsidiary Inter-Alliance International and OFS will see the network group rebranded as Inter-Alliance WorldNet. The plan is to develop the new business as IA WorldNet as an international services provider and build on its membership of 70 IFAs.

Inter-Alliance says this deal is a major step forward for its international distribution capability while OFS says the boost to its purchasing power will help it increase its income.

OFS was set up in Cyprus in 1982 as a provider of advice to the expatriate community but in 1996 decided to change its focus to become a services provider for international IFAs.

Inter-Alliance chief executive Keith Carby says: “This joint venture affirms our commitment to creating the best working community of and for financial advisers and those who support them anywhere in the world. The venture is an integral step.”

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