View more on these topics

Money Portal makes £14m bid for Burns-Anderson

Money Portal has made an offer to acquire 100 per cent of the share capital of Burns-Anderson for around £14m.

The deal, as exclusively revealed by Money Marketing in November, has been put to B-A shareholders and is now subject to an offer period, during which it needs 75 per cent shareholder approval and that of the FSA in order to progress.

Money Portal will pick up B-A’s 500 advisers and will run the B-A business alongside its existing propositions of network Sage, national IFA Bates and execution-only house Willis Owen. Burns-Anderson’s brand will be retained.

The group says B-A strengthens its suite of propositions, adding a proprietary IFA and directly authorised support service proposition, which it is currently lacking, as well as an alternative network.

Managing director Chris Edge says this will give consumers maximum choice, which he says will help with servicing orphan and neglected clients, a key factor in treating customers fairly.

Edge says: “The Money Portal directors consider the two businesses to be a complementary fit and that completion of the acquisition of Burns-Anderson is likely to result in combined business which will rank at number two in the sector in terms of market share. The Money Portal directors are confident that this scale can be harnessed for the benefit of its clients, employees and shareholders.”

B-A chief executive Mike Hughes says: “When Burns-Anderson appointed me as chief executive three years ago, my priorities were to build a successful business which allowed members to thrive, and to provide a return to shareholders. The turnaround in our business has been delivered through a well-disciplined and executed business plan, supported by both clients and staff alike.

“We have been fastidious in seeking the right partner to help us accelerate our ambitious plans and joining Money Portal, who are clearly at the forefront of the industry allows us the platform to develop through the next stage of development.”

Recommended

Darling pledges help for mortgage market

Chancellor Alistair Darling has vowed to help the recovery of wholesale mortgage markets which he says are essential to stabilising the housing sector.In a speech to manufacturing group the EEF last week, Darling said that today’s housing market is in a much better shape than before the early 1990s’ crash. He added that the UK […]

Non-dom charge will cost Gov £2bn

A new study has calculated that Alistair Darling’s £30,000 flat rate charge for non-domiciled residents will cost the Government £2bn, more than twice the amount it was designed to raise.Darling’s new tax plans, announced in his pre-budget report in October, were expected to raise an additional £800m annually.But a study conducted by the Society of […]

With-profits challenge faces firms

The supervisory focus on with-profits advice will continue for the FSAIt says it will challenge firms to ensure with-profits clients are treated fairly.The regulator’s business plan says: “We will take a close interest in ensuring that there is appropriate governance in place, pursue the closed funds’ agenda outlined in last year’s business plan, and review […]

Broker Talkback

Were the Tories right to choose John Tiner to take part in their review of regulation?Yes 50%No 50%Yes “As much as I hate the FSA, he has experience with the financial world so he must be reasonable. The alternative is to bring someone in from the Bank of England.”Robert Beattie, Robert Beattie & Co No […]

Thumbnail

Neptune video: Abenomics: the impetus for Japan’s fast-track recovery?

The remarkable performance of the TOPIX over the past year has caused many sceptical equity investors to look again at the Japanese market. These returns have come despite very significant problems facing the Japanese economy. Chris Taylor, manager of the Neptune Japan Opportunities Fund, discusses these problems and whether Abenomics will be able to overcome them, enabling the market to continue to rise.

In the video, Taylor addresses the following:

• The size and speed of Japan’s unprecedented monetary policy
• Abenomics and the implications should it fail
• Corporate Japan and beneficiaries of government policy

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