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Intrinsic in talks to buy Tenet

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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 have yet to instruct anyone, but talks are underway.”

Tenet is currently primarily owned by Aviva, Standard Life and Aegon, with the Norwich-based provider holding the largest stake in the firm following its acquisition of fellow shareholder of Friends Life.

Aviva holds a 47 per cent stake, while Standard Life owns 25 per cent, and Aegon owns 22 per cent, with the remainder held by independent shareholders.

Money Marketing revealed in May that Aviva was looking to sell its shareholding in Tenet.

Intrinsic chief executive Andy Thompson says: “As part of role as CEO of Intrinsic I am constantly looking for opportunities to grow distribution. I am currently talking at a high level to several distribution businesses and I have met Martin Greenwood, CEO of Tenet, on many occasions.”

Aviva and Tenet declined to comment.

In March, Aviva-owned Sesame Bankhall announced the closure of its investment advice network, leaving the business operating a mortgage network and Bankhall, it’s directly-authorised business.

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