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Old Mutual confirms Sesame Bankhall deal

Old Mutual and Friends Provident have confirmed that the acquisition of Bankhall and PMS by Sesame has been completed.

The deal, first announced in July, sees the UK’s biggest IFA network and support services company join forces.

In July, Sesame said the combined businesses would create a network of 3,000 appointed representatives and 1,500 directly authorised firms plus the UK’s biggest mortgage distributor.

Sesame executive chairman Ivan Martin will be the executive chairman of Sesame Bankhall Group. Sesame sales and marketing director Stephen Young will be chief operating officer.

The businesses were acquired from IFA Holdings UK Limited, a subsidiary of Skandia UK Holdings Limited. Total gross assets of the Bankhall Group were £11.8 million as at June 30, 2009.

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