View more on these topics

Kingsbridge team of companies is splitting up

Kingsbridge, the Aim-listed IFA that specialises in advising professional sportspeople, is facing a demerger as one of the IFAs it acquired two years ago is splitting away from the firm.

Independent Financial Planning, the Harrogate, London and Sunderland-based firm Kingsbridge bought in 2001 is demer-ging from the group, taking 24 RIs with it.

Among IFAs, the firm, which specialises in high net worth and corporate clients, is best known for one of its directors, former Sofa chairman John Porteous.

While financial details of the deal were not disclosed, Kingsbridge, which counts among its clients the Professional Cricketers&#39 Association, is expected to continue as a firm which specialises in advising sports stars, including several Premiership footballers.

It is believed that Kings-bridge&#39s other recent acquisition, Glasgow-based John Murray & Company will remain within the group.

IFP will remain a public company but does not plan to list on an exchange in the immediate future.

Final talks are proceeding between the parties over the amicable demerger with FSA approval expected to be granted shortly.

Porteous says: “This is a very exciting opportunity to take our business forward. There is a great need for considered and bespoke financial planning that will always exist irrespective of market climates and we believe that our business model is suited to the challenges ahead.”

No one at Kingsbridge was available for comment.

Recommended

Brown urged to rethink equity Isa tax

Isis Asset Management has written to Chancellor Gordon Brown urging him to reconsider Treasury plans to scrap the tax break on equity Isa dividends in April 2004. The letter, written by head of communications & strategy director Jason Hollands, says abolishing the break will send a negative signal to small investors and could undermine public […]

Zurich refuses to give details in Eagle payout cuts

Zurich Financial Services has reduced with-profits payouts for its 500,000 Eagle Star policyholders by an average of 25 per cent but is refusing to give fully detailed information.The Raising Standards-accredited brand says it is cutting payouts but is not giving out industry-standard illustrations to show how its policies are performing compared with last year or […]

Cofunds makes trail commission deal

Fund supermarket Cofunds has struck a deal with fund managers including Schroders which will see the groups pay trail commission to IFAs introducing unwrapped business. The four fund managers, also including Baring Asset Management, Rathbone Unit Trust Managers and Liontrust Asset Management, have agreed to the move even though none pay trail for directly placed […]

Brokers facing £1,400 fees for loan regulation

FSA proposals for regulating mortgage and general advice could hit brokers with a bill for up to £1,400 in application fees, according to a draft consultation seen by Money Marketing.The LIA says the move could see up to 30 per cent of brokers decide not to become authorised.The paper, which outlines what it will cost […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    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

    Email: customerservices@moneymarketing.com