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Millfield loses star duo to Tenet’s IFA

Millfield Partnership has lost its two top-performing advisers to newly established Tenet IFA Foster Denovo.

Tenet claims that the two teams led by Paul Clarke and Darren Laverty were the top- producing Millfield IFAs in 2004 and 2005, with both achieving a turnover of over 1m in each year. Both are on target for generating over 1m of business in 2006, according to Foster Denovo chief executive Keith Carby.

But Millfield chief executive Paul Tebbutt says he is unconcerned, pointing out that Laverty and his business partner Mark Bingham were terminated by the group in Oct- ober, leaving them free to join any other firm.

Tebbutt says Clarke and his partner David Pugh left on amicable terms and that he is sick of firms knocking rivals to promote their businesses.

He says: “If a firm is offering a proposition that is more suitable for an adviser’s needs, then I wish them the best of luck. I do not really see how a start-up could even be compared to a firm the size of Millfield.”

Foster Denovo managing partner Roger Brosch says: “The appointment of these top-quality new partners gives us almost certainly the highest per capita productivity of any scaled IFA in the UK.”

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