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Networks in offer to buy out retiring members

Networks M&E and Interdependence will use money from new partner Murray

Johnstone to buy out retiring members.

The businesses will besold on to members who want to expand.

Fund manager and venture capitalist Murray Johnstone became the major

shareholder in the networks when it contributed £7.25m to the recent £17m

management buyout.

M&E chairman Barry Kayes says the benefits of the plan are threefold. It

gives those retiring an easy exit route, it provides existing members with

additional clients and reduces the likelihood of quibbles over ownership.

Kayes also intends to use the money to give members increased

technological and marketing support to help overcome falling commission

levels by selling to a wider range of markets.

A range of software companies are being considered.

Kayes says: “IFAs are an ageing group and how to sell on is a major

concern for them. In addition, members must invest in technology so they

can sell to a wider range of markets and our marketing initiatives will

allow them to promote themselves without neglecting their core business.”

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