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NU takes 5% stake in Bankhall

The latest in a swathe of product provider investments in IFAs has seen Norwich Union take a 5 per cent stake in support services provider Bankhall.

The company has bought the chunk from Bankhall parent company Skandia with the option to buy up a further 4.99 per cent of the business by the end of 2009.

Skandia acquired 86 per cent of Bankhall for £150m in December 2001 but then offered two 5 per cent stakes for purchase in September 2002. NU has bought the stake for an undisclosed amount but Bankhall has announced it will now be able to set up a £30m support fund for its 7,500 RIs following the deal.

Bankhall joint chief executive Paul Hogarth says: “This is not a multi-tie deal, it will be a great strategic solution for our IFAs going forward. We do not and will not be offering a panel selection for our IFAs in the future and want to see independent advice remain the core focus of our members&#39 businesses.”

NU director of distribution strategy Robert Fletcher says: “This is not threatening for IFAs. We are maintaining a constant strategy to invest in the IFAs of the future where we can inject capital and help shape the business for them. We are already a multi-distribution company with 20 different distribution partners and multi-ties would just be an extension of that.”

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