View more on these topics

Money Portal MBO looming

Money Portal has revealed it is in exclusive takeover talks with one bidder, understood to inv-olve a management buyout.

On Tuesday, revealed that the firm was in talks with a single bidder which Money Portal confirmed was not a provider or rival IFA firm. It would not comment on whether it took the form of an MBO.

This year, the group has lost five company directors, including Richard Craven, Chris Edge, Peter Simon and Nigel Ward. Former chairman Richard Hambro died recently. Six directors remain – Andrew Firth, Bryan Levine, Mark Lund, Prodaman Sarwal, Roderick Sinclair and Mark Tennant.

Group head of strategy and distribution Alan Easter is currently on the board of a number of its subsidiaries, including Sage Financial Services, Bates Investment Services, Burns Anderson and Willis Owen.

Mark Lund joined Money Portal as group chief executive last September from his post as chief executive of St James’s Place.

In April, Money Portal appointed Fenchurch Advisory Partners to conduct a strategic review of the business and evaluate investment proposals.

Money Portal said it had a number of expressions of interest, with an outright sale a possibility.

Money Portal acquired execution-only business Willis Owen and national IFA Bates Investment Services in 2003 and Berkley Berry Birch subsidiary Weston Financial Planning in March 2006 as BBB went into administration.

The firm took on Millfield Partnership Limited and the Sage network in July 2006 for £10.5m, with the rest of Millfield placed into administration. Money Portal acquired Burns Anderson for £14.2m in February 2008. Last October, the group estimated that it had around 1,800 advisers.

Money Portal chairman Mark Tennant, who was appointed in February this year, says: “On Monday evening, the board agreed to enter into exclusive discussions with a preferred bidder that is neither a competitor firm nor product provider.

“The board believes this to be a very positive development for the business and I look forward to being able to tell you more in the near future.”


EC wants council to assess financial risk

The European Commission is calling for the creation of a new European Systemic Risk Council and European System of Financial Supervisors as part of its reforms to financial supervision in the EU.The EC says a European Systemic Risk Council should monitor and assess risks to the stability of the financial system as a whole. The […]

Rock brand

Financial services companies have a tough enough job when it comes to creating a brand and an even greater one protecting it.

Aegon £30m tennis deal ahead of RDR changes

Aegon says its new sponsorship deal with the Lawn Tennis Association is designed to build the brand in anticipation of the expected retail distribution review changes.The firm has signed a five-year deal, thought to be worth £25m-£30m, which will run from this summer through to 2013.As lead sponsor, Aegon will be involved in all aspects […]

Welcome to The Brunner Investment Trust PLC

Welcome to the latest update for The Brunner Investment Trust PLC from the trust’s portfolio manager Lucy Macdonald. Market Review Global equities ratcheted higher throughout February, buoyed by optimism about global growth and corporate earnings. All regions advanced, although Japan tended to lag many other markets. In sector terms, healthcare, information technology, consumer staples and […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    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