The Money Portal is understood to be on the brink of signing a deal to acquire the investment platform of online banking and financial services firm Egg.
TMP, which is targeting nine firms for acquisition, is understood to want Egg's entire investment operation, including its fund supermarket and Isa and Pep centre, in a deal which would boost its quest for critical mass. It is not thought to be interested in Egg's banking side, which is expected to be sold off shortly to one of a host of bidders.
If the deal for the investment platform goes through, it is believed that TMP will seek to retain the existing branding, which it has done with all the companies it has acquired so far, including Bates Investment Services. As a new company with little brand recognition, TMP's philosophy is based around utilising the name and goodwill that its subsidiaries have built up over the years, although it is building a name in the IFA and investment sectors through its acquisitions.
It is expected that further acquisitions, involving well-known IFAs, will be announced over the coming weeks.
TMP managing director Richard Craven says: “We are in negotiations with a number of organisations and some of them are platforms.”