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Profit for In Partnership as it survives takeover bid by founder

Sussex-based network In Partnership says it has moved into profit three years after launch and last year saw off a takeover bid by founding director Shin Yamada.

The network, which started trading in 2000, has grown rapidly and has more than 400 individual IFA members.

A spokesman for the network says Yamada failed in an attempt to put a takeover consortium tog-ether and left the company last year.

In Partnership was set up by barrister Julian Coles and Yamada, a former Kes-trel finance director and Millfield Partnership commission buying manager.

The network has followed a policy of offering shares to members on joining which are eligible for tax relief under the enterprise investment scheme. The company&#39s charging structure is turnover-related.

The network says it is developing its multi-tie arm and is in talks with a number of providers about developing strategic alliances. In Partnership recently set up a mortgage club called In Partnership Protect.

Group executive chairman Stanley Lovell says: “The management buyout bid is now behind us and we are moving forward with an undiminished sense of purpose. Profitable trading so soon after a start-up us a real boon and is testimony that the membership and management are getting it right.”


Yorkshire chief warns on self-cert dangers

Yorkshire Building Society chief executive Iain Cornish is warning that self-cert could be the next misselling scandal and is asking the FSA to address this issue. Speaking at the presentation of the society&#39s annual results on Monday, Cornish revealed his concerns about self-cert, saying the industry is deluding itself if it believes there is no […]

Standard slashes equity content of w-p fund to 50 per cent

Standard Life has cut the equity content of its with profits fund by £7.5bn, resulting in an equity backing ratio for the fund of around 50 per cent. The move out of equities was spelt out alongside the life office&#39s results published today for the 12 months to November 2003. It says it has available […]

The Engine room

Bankhall must be one of the outstanding successes in personal finance product distribution in the last decade. Its approach allows new advisers to enhance their regulatory status and the range of advice that they can offer. Starting with non-regulated status via Point One, progressing to a network member authorised to carry out investment business, via […]

Spring into action

The year is just a few weeks old and yet I feel a stream of consciousness of financial services policy events hitting us all. Standard Life, Penrose, the Treasury select committee and endowment sales, the Child Trust Fund Bill, the FSA business plan and structure, financial capability, price capping, the Retirement Income Reform Bill, Informed […]


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