View more on these topics

Sesame hits back after Credit Suisse downrating for Misys

Misys has received an “underperform” rating from Credit Suisse First Boston which is questioning the saleability of Assureweb and Sesame.

But Sesame chief executive officer Charles Bryant says Assureweb is oper- ating profitably this financial year.

CSFB analysts believe that the flotation of Sesame – which had been pencilled in for later this year – will be increasingly problematic and have put an approximate value of 100m on the network. Sesame says this is only one analyst’s view.

Assureweb’s provider contracts are due for renewal at the end of May and Sesame confirms that all 22 providers have extended their agreements for at least another year.

But CSFB believes that this product provider contribution, which it says make Assureweb cost-neutral for Sesame, will end next year.

Misys will clarify its latest position regarding the flotation of Sesame in its July interim results.

CSFB analyst Matthew Hammond says: “We regard the sale of Sesame as problematic for Misys.”

Bryant says: “It is no secret that Misys plans to sell Sesame and a trade sale is as likely, if not more likely, than a flotation.

“I am amazed that Credit Suisse First Boston has homed in on Assure-web in its analysis as it is such a small part of the overall business.”


Alexander Forbes in bespoke Sipp deal

Alexander Forbes Financial Services is offering a bespoke Sipp with Standard Life and Investment Solutions. The Alexander Forbes Standard Life Sipp uses multi-manager fund from Investment Solutions. Former Bureaux Group managing director Peter Quinton has been appointed director of public relations at Alexander Forbes.

The PFS’s view

It is six months since the vote by members of LIA and Sofa to form the Personal Finance Society. The idea had a long history. In the early 1990s there was much debate about bringing the financial adviser community together into one body which would represent them and set standards which would give added confidence to the public.

Greece: the sideshow continues

Artemis managers James Foster, Mark Page and Laurent Millet comment on the Greek deal, describing it as “just another fudge” getting in the way of bigger developments in China, the UK and the US. To read the full article click here.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm