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Portal go-ahead for Burns-Anderson buy

Money Portal’s 14.2m purchase of Burns-Anderson completed last week after getting the green light from the FSA.

Having received regulatory and shareholder approval, Money Portal has confirmed the acquisition which was first revealed in Money Marketing last November.

Money Portal head of corporate affairs Richard Pearson says: “We have now completed the two conditions required for us to finalise the acquisition of Burns-Anderson plc, namely shareholder and regulator approval.

“The the addition of B-A to the group will have no immediate impact on either the Bates or Sage communities and this represents an excellent opportunity to consolidate our position as a leader in the sector.”

B-A says it will continue with its current levels of service but will now benefit from being part of a bigger group.

B-A chief executive Mike Hughes says: “We are about to go out and see members to explain that they will still get all the benefits of what Burns-Anderson has always done and will continue to do but now we get the additional benefits of being part of the larger group.”

Money Portal head of strategy and distribution Alan Easter says: “It is a testament to Money Portal’s financial strength and business model that even in these turbulent times an acquisition like this can be completed.”


Lehman Brothers set to suspend UK lending

Lehman Brothers is expected to announce that it has closed its two UK subsidiaries, SPML and Preferred, today.This comes after rumours were rife yesterday that the investment bank was consulting on whether it will suspend lending at its two UK subsidiaries.A source close to the firm yesterday said that this is one of the options […]

Emerging confidence

Events last year changed investors’ perception of risk. On the one hand, some people were trading “safe” instruments unaware of the toxic properties contained within them. On the other hand, emerging markets, traditionally the most “risky” of global equities, quietly moved closer to the mainstream of personal investing with a steady flow of new frontier funds from managers.

Invesco buys further £9.4m stake in AJ Bell

Invesco Perpetual has invested a further £9.4m in AJ Bell valuing the business at £107m.The proceeds are split equally between Andy Bell and management, with management and employee shareholders diluting by approximately 10 per cent. This follows just over a year since Invesco Perpetual and Midas Capital purchased £14m of shares. This transaction values the […]

Boris pledges home help

Conservative candidate for London Mayor Boris Johnson has pledged to encourage the renovation of empty homes, release dormant housing and build 50,000 more homes to help out first-time buyers.Johnson says that if he is elected as mayor, he will launch a first steps housing scheme for first-time buyers who are not eligible for current Government […]

Pension savings-2015

Pension tax relief: parked (for the moment)

The national news agenda has been dominated by pension issues this month. For those that missed it (and there cannot have been many given that this was the lead story in spoken and written media), the Chancellor announced a decision to make no decision on pension tax relief in his 16 March 2016 Budget speech. To […]


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