View more on these topics

Misys goes mega in DBS deal

Misys is creating a “meganetwork” with 7,250 registered IFAs and 3,700 member firms after snapping up rival DBS Management in a deal valued at £75m.

The Misys offer of 150p a share, a 105 per cent premium on DBS&#39s closing share price of 73p on Monday this week, has been accepted by DBS chairman Ken Davy and the other five directors, who in total hold 9.2 per cent of the current issued share capital.

Misys says it has already received support from 40 per cent of shareholders.

DBS is also writing to all its shareholders recommending they accept the offer and giving them 21 days to reply.

The deal makes Misys by far the biggest IFA network in the market with 25 per cent of all IFAs and the company says it shows Misys&#39 commitment to the sector. However, the deal will still require regulatory approval.

DBS says that its network will continue to be run by the existing management team from its Huddersfield headquarters and that it will retain its autonomy within the Misys group.

But DBS&#39s Assureweb IFA portal will be merged with Misys&#39 m-link version after the deal completes.

Misys says the potential for the development of technology is another reason behind the deal.

Misys chief executive (insurance division) Ivan Martin says: “DBS has agreed to this transaction and it is no hostile takeover.”

DBS chairman Ken Davy says: “The involvement from a FTSE 100 company is very good for members. I am pleased that we have been able to agree terms with Misys which reflect our shared view on the opportunities which exist in the network marketplace.”

DBS member Duncan Independent Financial Services principal Sidney Duncan says: “This is no great surprise. As long as this does not affect the cost of membership or the services we get as an IFA, then it is a good move.

“I would like to think that there would be economies of scale but I am a cynic.”

Rival Bankhall director Tony Murrell says: “This deal is very good news and shows interest in our sector. With 22 per cent of the IFA mar-ket, we are competing head to head with Misys.”

Recommended

Towry Law launches new website for employers

Towry Law is launching a new interactive website for employers to give staff financial information, advisory services and buy products on-line.The Towry Law Financial Information and Advisory Site allows employees to fill in a financial planning questionnaire on-line to establish what particular products or services they need. Individuals will be able to buy Isas, take […]

Pink Home Loans – Exclusive Self Cert 5.98 Per Cent Fixed

Monday, 18 June 2001.Type: Self-certification fixed rate mortgage.Fixed term: 5.98 per cent.Fixed rate: Three years.Minimum loan: £25,001.Maximum loan: Up to 75 per cent of valuation subject to a maximum of £300,000, 76-85 per cent subject to a maximum of £250,000.Income multiples: 3.5 times principal income plus second or 2.75 times joint.Arrangement fee: £325.Redemption fee: 5 […]

Alliance Trust companies appoint lawyer to board

International investment trust companies the Alliance Trust and the Second Alliance Trust are both appointing Lesley Knox as non-executive director.Knox was formerly governor of the British Linen Bank when it was bank of Scotland&#39s merchant banking arm, and was previously with Slaughter & May and Shearman & Stirling, as a solicitor, in New York.The two […]

Exclusive Connections sets sights on self-cert market

Exclusive Connections has introduced the semi exclusive fixed rate mortgage.Funded by The Mortgage Business, the mortgage has a fixed rate of 5.99 per cent for loans of up to 95 per cent for employed clients and 85 per cent for self-employed clients. The fixed rate will last until August 31, 2004.Self-employed applicants must have proof […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com