Standard Life, Aegon, Aviva and Friends Provident have bolstered their collective stake in Tenet Group from 83 per cent to 90 per cent, reducing the management’s share in the business to 10 per cent.
Aviva and Friends Provident paid £9.5m each to take 9.9 per cent stakes in the IFA firm in 2002, while Aegon bought a 9.9 per cent stake in August 2004.
In 2005, these firms exercised options to increase their respective stakes to around 20 per cent. Later that year, Standard Life also took a 20 per cent share in the business in its first foray into distribution ownership.
A Tenet Group spokesman says: “A private transaction between our four provider investors and some shareholders has resulted in the providers each increasing their stake in the business by between 1.5 per cent and 2 per cent. This has increased to 90 per cent. The remaining 10 per cent share is owned by management.”
In March, Standard Life acquired support services firm Threesixty. Aegon owns Positive Solutions and Origen Financial Services and Friends Provident owns Sesame Bankhall but sold off Pantheon Financial in March.