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Leitch teams up with Zurich allies

Ex-Zurich chief executive Sandy Leitch has teamed up with his former Zurich allies to launch a new 30m multi-tie proposition in the new year.

Lord Leitch’s comeback venture, revealed in Money Marketing two weeks ago, aims to capture 1,000 advisers in the next four to five years and has secured 30m funding from backers, including Bank of Scotland, Friends Provident and South African group, Sanlam.

The operation, currently dubbed Intrinsic, will be hea-ded by Leitch’s old Zurich colleagues, including former marketing chiefs Kevin Donaldson and Wallace Dobbin as CEO and corporate director respectively. Leitch will play a “hands on” role as non executive chairman.

Intrinsic is in negotiations with providers to establish its panel. The company’s headquarters will be based in Swindon with a team of 35 staff.

Donaldson says: “We are taking a lead in the new world. Whole of market advice does not give the level of service and ongoing professional advice that people want. Do people want 500-600 fund choices or do they want 15-20?”

Informed Choice managing director Nick Bamford says: “He would say this, wouldn’t he? People who work for multi-ties are salesmen, not advisers.”

Thinc Destini chief executive Simon Chamberlain says: “This launch confirms that there is a lot of investment in multi-ties and not much going into the IFA market.”

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