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McGreevy out as Carby takes over at Inter-Alliance

National IFA Inter-Alliance group chief executive Stuart McGreevy has

left the company and been replaced by J Rothschild Assurance

co-founder Keith Carby.

The departure comes as investment bank Evolution Group has paid

£1.6m for a 12.6 per cent stake in Inter-Alliance from McGreevy

and group managing director David Garofalo, who has also resigned.

Both men keep a 2.4 per cent stake. The deal could see Evolution lend

the Aim-listed company a further £4m.

McGreevy leaves a week after Inter-Alliance issued a warning that it

would not make a profit until 2003. The company has been in

litigation with Lincoln International UK over property worth

£35m, with the outcome expected in the coming weeks. It has

struggled to show a profit after the integration of direct-sales

staff from Lincoln and Prudential.

Carby, formerly a non-executive director, will also take on the role

of chairman while exDMR Management Consultancy associate director

Mike Achilles becomes chief operating officer. Former chairman

Vincent Isaacs remains a non-executive director but is also selling a

quarter of his holding to Evolution.

Carby says: “It is true that the company has made a couple of

mistakes over the last year and the company needs to concentrate on

operational effectiveness.

“The litigation with Lincoln has slowed progress significantly and

the company has taken its eye off the ball. But Stuart and David have

created a new concept in financial services and we wish them well.”

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