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Skandia in talks to acquire stake in Keith Carby’s Caerus

Keith Carby Caerus

Skandia is in talks with Keith Carby’s venture Caerus Capital Group about acquiring part of the firm, Money Marketing understands.

Caerus is understood to be holding talks with a number of providers about taking stakes in the firm with senior management intending to retain a majority holding.

A Skandia spokesman says: “We are in discussions with distribution businesses but we will not comment on anything until it is finalised.”

Caerus chief executive Carby (pictured) says: “We have had several approaches from different institutions about one type of arrangement or another.”

In its half-yearly results published in August, Skandia parent Old Mutual Wealth revealed it was developing a low cost fund range targeted at restricted advisers.

Old Mutual said it was in discussions with a number of “high quality asset managers” to develop a new fund range for the post-RDR market.

On Monday, Caerus announced it had acquired Paradigm’s network arm Paradigm Financial Advisers. The deal sees Caerus’ 185 restricted advisers operate alongside PFA’s independent intermediaries.

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Comments

There are 15 comments at the moment, we would love to hear your opinion too.

  1. Excellent Idea from Peter Mann, Can I put my name on the list to acquire the business for £1 after he has mangled this Distributor too? In fact I do believe someof the names in the proposed deal are the same. Very cosy.

  2. Here we go. Another son of Allied Crowbar. So now we have two.

    So muich for the Skandia much vaunted support of the IFA. RIP

  3. Couldn’t agree more Harry – if Caerus (restricted) buys Paradigm (Independent I’ve been told?) and Skandia (restricted) buys Caerus (restricted) I have to wonder where that would leave the Independence of Paradigm …

  4. Pirates of the CarbyBean 19th October 2012 at 11:21 pm

    Recycling is good for the planet.

  5. Why would they want to do that?

  6. Caerus already contains IFA’s and multi-tied. IFA v tied is yesterdays chip paper.

    Harry its actually grandson of AD. AD,Openwork, Rothchild, Intrinsic, SJP, Positive Sol etc etc In fact if we looked at the top of every network, platform and fund group they all contain a bit of the same blood.

  7. I’m not sure I follow your comment. I have never been near AD, Openwork, Rothschild (Plastic version) Intrinsic or SJP, Pos Sol Etc.
    My first 2 years in FS were spent at Hill Samuel – in those days I didn’t know the difference between the Bank (Where I had done some business) or the FS. I stayed for the technical training. (As opposed to the sales training). I hated the culture. I didn’t have anything in common with it then, nor do I now. Anyway in those pre regulation days – I could actually pass clients to decent contracts (and did) if I didn’t have a suitable one to offer.
    In fact I’m not really a ‘company man’ at all having run my own businesses for all of my working life, bar seven years.

  8. Much as we luv your history; he’s not talking about you, he’s following the thread you started on Allied Crowbar sons.

  9. @Scott

    Silly me! A mis read. Sorry to bore you all with this!

  10. David Brattesani 25th October 2012 at 4:14 pm

    I recall Skandia paying a reported £180 million for Bankhall in 2002, on the back of multi tie “fever”. The reported strategy was to sell on stakes to other Providers (NU did buy 5%), as multi tie took off. Instead they sold it a few years later for £1 to Sesame, whilst under Peter Manns stewardship. When are Skandia (now employing Peter Mann) going to wise up?

  11. I feel compelled to comment. Skandia need to ensure they complete their due dilligence. However, it will always be tricky to discover that the largest firm within Caerus that has on paper 40 licensed advisers, actually has over 100 selling self employed people. It’s easy to make a network look amazing per capita when the number of people selling is vastly greater than those actually wing reported. Now that is misleading, but also dangerous to the consumer, entirely unethical and part of the companies TCF. Treat Customers Fraudulently!

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