View more on these topics

Intrinsic bids for Tenet as Aviva eyes mortgage arm


Old Mutual Wealth-owned network Intrinsic has made a “non-binding” offer for Tenet as part of a possible break-up of the business, Money Marketing understands.

It is believed Aviva – which already owns a 47 per cent stake in Tenet – has also tabled a bid specifically focused on TenetLime, the network’s mortgage and protection business.

The insurer became the biggest shareholder in Tenet after acquiring Friends Life and insiders say it is keen to offload the network.

However, Aviva is considering retaining Tenet’s mortgage and protection arm to add to PMS, the mortgage division of Sesame Bankhall, which Aviva also owns.

Old Mutual Wealth’s interest in the pensions and investments business points to a possible break-up. It is also understood Standard Life, which owns 25 per cent of Tenet, could be standing in the way of a deal as it has reservations about selling to a rival fund group that could scoop up the network’s assets.

An industry insider says: “Aviva does not have any interest in being part of a network, they seem  to have accepted that they can’t get rid of Sesame Bankhall and they don’t want to build up any new liabilities. But as TenetLime is a mortgage network the liability for the advice itself would stick with the rest of Tenet.

“They might be thinking that if Old Mutual is not interested in Tenet-Lime, they could just merge it in with PMS. Aviva might be doing this just to accelerate the sale.”

Old Mutual Wealth, Aviva and Tenet declined to comment.

A third stake in Tenet – 22 per cent – is owned by Aegon, with the remainder held by independent shareholders.

Figures published in January show Tenet recorded a pre-tax profit of £471,952 for the year to 30 September 2015, up 32 per cent on 2014.

Turnover increased by almost nine per cent, from £125m to £136m.

TenetLime’s turnover climbed 48 per cent.



Intrinsic in talks to buy Tenet

Old Mutual-owned advice network Intrinsic has entered into early talks to buy Tenet, Money Marketing understands. Although a formal offer has yet to be tabled, well-placed sources say negotiations are underway. One source says: “It’s all being done very informally at the moment, not least because Tenet is not officially up for sale, and Intrinsic […]

Tenet profits climb 32% for 2015

Tenet has reported a pre-tax profit of £471,952 for the year to the end of September 2015, up 32 per cent on a 2014 figure of £355,414. Turnover increased by almost nine per cent, climbing from £125m to £136m. While mortgage network TenetLime saw turnover climb 48 per cent, turnover at TenetConnect is described by […]

Tenet business development boss to join SimplyBiz

SimplyBiz has hired Tenet head of business development Tom Hegarty as managing director of its New Model Business Academy. Hegarty joins the training and development division after four years at Tenet. He previously held roles at MetLife and Friends Provident. The not-for-profit NMBA has over 16,000 members and provides support to advisers developing skills in […]


Tenet to charge to approve drawdown cases

Tenet is charging advisers £150 to carry out file checks on drawdown cases. TenetConnect, the investment and pensions division of Tenet, says it has seen an 86 per cent increase in drawdown cases between April and September. The network requires a pensions specialist to assess whether a drawdown recommendation is suitable before the sale. Tenet […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment