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Misys saw £700,000 profit from Sesame sale

Misys made a £700,000 profit from the disposal of Sesame last year, according to its latest results.

The results show Misys received £79.2m net of expenses from the sale of Sesame and gained another £35.7m by moving Sesame’s liabilities off its balance sheet.

However, Misys lost the £95.5m of cash which Sesame had in the bank and another £18.7m in goodwill.

Its results also show that at May 31, 2007, Sesame had total liabilities associated with ass- ets held for sale of £93.3m, with provisions for liabilities and charges of £55.1m.

Friends Provident bought Sesame last May for £84.3m and at the same time bought high-net-worth adviser firm Pantheon for an up-front payment of £16.8m and an additional payment of £7.5m.

Friends subsequently put Pantheon up for sale but said it was not putting Sesame on the market as it gave the provider good insight into IFAs. It then took Pantheon off the market because of difficult market conditions.

Nucleus chief executive David Ferguson says: “It is another interesting example of how to make very little money out of running services for large numbers of mid-market IFAs.”

Former Standard Life life and pensions chief executive Trevor Matthews joins Friends Provident as chief executive this week.


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