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Malone anger over Sesame’s Bankhall deal

PMS managing director John Malone is understood to be furious after not being consulted on Sesame’s proposed acquisition of Bankhall and is thought to be planning to leave the firm.

Industry sources have told Money Marketing that PMS management only learnt of the deal last Tuesday following news reports. Malone is understood to be in talks with a lender and other distributors over future business plans and may look to take key members of his team with him.

Sesame chief executive Ivan Martin would not comment on Malone but says under the proposed deal, the Bankhall and PMS brands would be retained, with the Bankhall brand used to drive forward the group’s support service offering.

Skandia would not comment on specific issues but says the group has gone into a period of due diligence.

Malone was unavailable for comment.

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