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Misys &#39open to offers&#39 for its IFA business

Misys approached major providers to discuss selling its financial services business outright in the last two months, according to senior sources at the providers.

Two weeks ago, Misys told the stockmarket it was committed to its IFA businesses and was in talks with several providers to look at its future options.

The options under discussion were believed to have been providers taking stakes and the setting up of a more limited multi-tie business alongside an auth-orised and independent offering to members.

But the news that the whole business was up for sale only a few weeks ago will intensify speculation that Misys is interested in selling off the IFA arm if the offer is big enough.

Some providers remain convinced that bids are already on the table from some of the UK&#39s biggest insurance players, with speculation focusing on Axa and Norwich Union.

Sources say Misys would be keen to keep any deals under wraps following the reaction of some Bankhall members after the network was sold to Skandia.

A source says: “It is happening. Senior executives have made it clear they would be interested in entertaining a bid. Misys would want to do a deal before its membership gets wind of it.”

A Misys spokesperson says the company remains committed to its IFA business.

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