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Massow buys Rainbow in gay merger

Massow Financial Services is to buy competitor Rainbow Finance, creating the biggest financial services firm catering to the gay community.

The new firm will havea total of 17 registered individuals and will offer its own line of products designed for gay people, including a pink stakeholder which will offer benefits to same-sex partners. The firm is in discussions with NPI.

Rainbow&#39s Freedom Isa, provided by boutique fund manager Aquila Financial Services, will also be adopted by the new firm.

Other products may be designed, including general insurance products which neither IFA currently offers.

The firm will be based at Massow&#39s London headquarters but will have offices throughout the country, including Rainbow&#39s Oxford base. Massow has been the leading IFA operating in the gay market although Rainbow has been catching up fast.

Massow will become chairman while Rainbow managing director Louis Letourneau will be managing director.

Massow believes IFAs have to get bigger to survive and that brand awareness will become increa- singly important. He says the brand, which will be decided next week, will build trust with its target audience.

Massow says: “Our products will be appropriate for our clients. It is increasingly difficult to reach clients and have them trust you, which is why brand awareness is so important.”

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