View more on these topics

Moneygate: A20 deal “unlikely”

Moneygate chief executive Lee Hartley says a deal for network Alpha to Omega is now unlikely despite a third offer for the business remaining on the table.

Moneygate was set to acquire the network earlier this week, with administrators Benedict Mackenzie claiming a deal for the firm was imminent.

Hartley says: “We submitted an offer for the business which was initially accepted only to revise that offer significantly downwards. That offer has since been rejected and we have put in a third and final offer which remains on the table but it remains unlikely we are going to do any business with A20.”

Hartley says the firm has received contact from a number of A20 advisers over moving from the network with around 10 to 20 understood to be interested.

Hartley says a number of parties are still interested in the business.

He says: “We understand that there are several other parties interested, but we do not if there interest is for the full business or part of it. Our interest was for all of the trading assets to keep the business together as best we could.”

Last week, law firm Regulatory Legal raised concerns that administrators were trying to “pre-pack” A20 advisers and their clients assets to sell on to another IFA firm.

Regulatory Legal partner Gareth Fatchett says: “The key issue remains the ownership of clients as to sell them on as part of the deal would raise questions of TCF, given that it is the adviser who owns the clients.”


Remainder reminder

Even offering to have a vasectomy was not enough for a court to ascertain what children would survive a father.

Liontrust unveils European fund details

Liontrust has revealed details of the upcoming European value fund it is launching for Ross Hollyman and Rob Cornish. It is also considering launching a global income product.


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