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Portal poised to crack Egg investment deal

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&#39s 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&#39s 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&#39s 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.”


Lockyer wants explanation from Standard&#39s Crombie on &#39cynical&#39 BBB comment

Berkeley Berry Birch chairman Clifford Lockyer is writing to Standard Life chief executive Sandy Crombie asking him to explain comments attributed to him in which he referred to “cynical” practices by BBB. Crombie, testifying before the Treasury select committee last week, criticised BBB&#39s move to wind up its subsidiary company Berry Birch & Noble Financial […]

Jupiter turns away from fund performance fees

Jupiter says it is highly unlikely to apply performance fees to its existing funds after its IFA research unearthed fears about complexity and also revealed widespread contentment with the existing arrangements. The company broke ranks with the rest of the industry in February when it said it would poll its key distribution partners about the […]

FSA halts split-cap talks

The FSA has broken off discussions over split-cap compensation after providers offered a fraction of the amount it sought. The FSA, which began preliminary talks with 21 providers three months ago, believes £350m represents an acceptable sum of compensation for the thousands of investors in collapsed split-caps. But providers yet to enter its mediation process […]

Lords look at gender directive

A sub-committee of the Lords European Union committee, is carrying out a short focused enquiry into the proposed gender directive from the EU on equal treatment between men and women in supply of goods and services. Social and consumer affairs sub committee G is looking at the implications of the directive for insurance, pensions and […]


Case study: administration — implementing a management log

Our client is a leading video game and publishing company best known for its console role-playing game franchises. The client provides a number of benefits, at varying levels and cost that attract a P11d liability. With the absence of a management log to track data for benefit movements, enormous administrative and therefore cost implications were occurring each year just to comply with P11d reporting requirements.


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