Intrinsic is in advanced talks with Sesame over a deal that would see appointed representative advisers who choose not to join Bankhall referred to the Old Mutual-owned network, Money Marketing understands.
Earlier today, Sesame announced it will no longer operate as a network for investment advisers as part of a fundamental overhaul of the business. SBG will retain its mortgage arm, which will include the PMS mortgage club and a network for mortgage firms.
Under the new structure, AR members will have to choose between going directly authorised as part of Bankhall, or moving to a new “network partner”.
Sources close to the deal say Intrinsic is at the front of the queue to secure the deal, although it is not the sole party holding talks with Sesame. It is not yet clear what the commercial terms of the arrangement will be.
Openwork and St James’s Place say they are not in talks about partnering with Sesame.
Intrinsic could not be reached for comment. Sesame and Old Mutual declined to comment.
Sesame traces its roots back to software firm Misys, which sold the business to Friends Life in May 2007 for around £75m. Friends took on all liabilities as part of the deal.
In October 2009, Sesame acquired Bankhall and PMS from Old Mutual, creating a combined business of 3,000 appointed representatives and 1,500 directly authorised firms, as well as the UK’s biggest mortgage distributor.