View more on these topics

Jobs set to go in PMS and Bankhall deal

Sesame’s acquisition of Bankhall and PMS from Skandia has been completed but the network has warned that redundancies are likely.

The deal, first announced in July, combines the UK’s biggest IFA network and support services firm.

Sesame says the combined business will create a network of 3,000 appointed representatives and 1,500 directly authorised firms plus the UK’s biggest mortgage club.

Questions were raised over whether the deal would go ahead after Resolution agreed the acquisition of Sesame’s parent company Friends Provident and it was unclear whether distribution would be core to Resolution boss Clive Cowdery’s consolidation plans.

Sesame executive chairman Ivan Martin will be executive chairman of Sesame Bankhall Group and Sesame sales and marketing director Stephen Young has been appointed chief operating officer.

Martin says the full senior management line-up has yet to be finalised.

He says: “When you put businesses together that are the size of Bankhall and Sesame, clearly the rationale is there are some duplications and some synergies that can be achieved.

“But it would be wrong for me to comment on the detail of that and we have to consult with our people before we can comment.”

Martin insists that the three individual business brands will be retained under the Sesame Bankhall umbrella.

He says: “Sesame will be the network brand, Bankhall the services proposition to directly regulated advisers and Premier Mortgage Services will remain the mortgage club.”

The sum paid by Sesame has not been disclosed. The total gross assets of the Bankhall Group were £11.8m at the end of June while 2008 turnover was £16.8m.


News and expert analysis straight to your inbox

Sign up


There is one comment at the moment, we would love to hear your opinion too.

  1. It would be nice for the staff to be informed before it hits the wires – nothings changed there then!

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm