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M&E firms targeted as Austin goes to Bankhall

Bankhall wants to lure RIs away from network rival M&E following its

recruitment of former M&E compliance director Hilary Austin.

Austin will head a new operation designed to bring Bankhall support

services to a wider IFA audience.

Pregnant Austin left M&E abruptly after eight years at the time of the

network&#39s £17m management buyout from underwriters Greatminster Group

which has since gone into voluntary receivership.

Many of M&E&#39s 747 RIs were believed to be shocked by Austin&#39s departure as

she was a popular figure.

The new business will draw on her compliance and T&C background but risk

management services, such as due diligence, will also be prominent. The

operation is intended to offer a more “highly personalised and transparent”

service than traditional networks.

Bankhall has a majority shareholding in the venture, which starts in

September. It has completed similar deals in the past, including one with

former IFAA director general Garry Heath&#39s organisation, Portfolio Member

Services.

Bankhall head of operations Tony Murrell says: “With Hilary&#39s popularity

it is inevitable that a number of RIs will want to go with her.”

Austin says: “I am delighted to have the support of the resource and

expertise available from Bankhall and look forward to the challenge.”

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