Software and computer services firm Lynx has snapped up Portfolio Mem-ber Services as part of its drive to become the leading provider of services to IFAs.
Lynx originally took a 51 per cent share in PMS when it acquired Bankhall in May last year and has bought the remaining 49 per cent to wholly-own the IFA support services firm.
A total of £6.2m has been paid by Lynx for PMS in the latest deal and it says it will pay out a maximum of a further £11.8m in July 2004 if PMS's total income over the three-year period exceeds £9m.
Garry Heath will remain chief executive at PMS, which was set up in 1999 to provide support services for former members of IFA Portfolio, the commercial arm of the IFAA, which was disbanded after the trade body was usurped by Aifa.
PMS supports about 1,100 IFA firms with around 2,250 registered individuals directly regulated by the PIA.
Bankhall director Tony Murrell says: “This move was planned in the original deal with Lynx and it is a chance to increase the number of staff in PMS's central London office.”
Lynx Group chief executive Richard Last says: “Servicing the increasingly significant IFA channel is a key part of Lynx Group's strategy of focusing on financial services, financial software and infrastructure solutions.
“The joint venture bet-ween Bankhall and IFA Portfolio has performed well and, as a Lynx subsidiary, PMS presents substantial opportunities for growth.”