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New network offers shares to members

Berkeley Berry Birch is setting up Alpha to Omega, a new network offering members equity holdings in the business.

The network aims to recruit IFA practices with a turnover of at least £500,000 and aiming to grow their business although smaller practices with the right profile will be considered. It will operate alongside its existing Berkeley Independent Advisers network which targets advisers from a direct-selling background.

Alpha to Omega, which is waiting for FSA authorisation before it starts trading, aims to achieve a turnover of bet-ween £20m and £25m across fewer than 100 companies within 36 months.

Thirty firms are in talks to join the network. Each member firm will buy shares in Alpha to Omega when they join to show a commitment to the business.

BBB said earlier this month that it intends to raise £20m to fund a programme of acquisitions which could almost double the size of the group. It also recently set up a non-regulated network, Direct Protect.

Alpha to Omega chief executive Stewart Wooles says: “Misys and Tenet have both announced they intend to float. We have already floated so we do not have to line ourselves up for that. We are focused on developing our members&#39 businesses. We operate on the philosophy that business success comes from meeting customer demands and we have the facilities to meet those demands.”

Berkeley Berry Birch deputy group chief executive Stephen Ingledew says: “This is a further step in our strategy to become one of the UK&#39s leading financial services distribution groups for higher-value customers. We strongly believe that the firms we expect to attract will help us to succeed in an industry which is undergoing tremendous change for the better.”

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