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Sesame senior management hires ahead of platform launch

Sesame Bankhall Group has recruited Intrinsic and Positive Solutions directors as part of a senior management reshuffle as the firm looks to set up its own investment platform.

This week’s Money Marketing reveals the move which will see the platform developed in partnership with another company and unveiled later this year. The group has created a new unit headed by Sesame Bankhall chief operating officer Stephen Young to deliver the platform and a number of other initiatives.

Intrinsic Financial Services founding director George Higginson has been appointed to take over the role of chief operating officer from Young. He will join the firm early in 2011 and will lead the response to the RDR and build on the product range.

Positive Solutions marketing director Keith Gilmour will join Sesame Bankhall in October as business development director, taking responsibility for developing the group’s brands and promoting its products to members.

Sesame Bankhall Group executive chairman Ivan Martin (pictured) says: “Stephen has led the successful integration of the new group and we are poised to make a series of major investments that will enable our members, and their clients, to look to the future with increasing confidence.

“It is imperative those investments are delivered successfully and add real value to our members’ businesses and Ste­phen will lead this vital work.”

In August, the company reported profits of £2m for the first six months of this year after a loss of £2m for the same period in 2009. In October 2009, Sesame bought Bankhall and PMS and undertook a massive restructure to incorporate over 10,000 advisers across the life, pensions, investment and mortgage sectors.

Martin says all three brands are now trading profitably. He adds: “We must continue to build on that success while looking toward a landscape that is undergoing huge regulatory change.”

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Comments

There are 10 comments at the moment, we would love to hear your opinion too.

  1. Hmmm, so SB are launching an RDR compliant platform are they? Should be interesting, given the Sesame success with ‘Sesame Office’ and the Bankhall success with ‘Portavista’!

    …or am I in an alternative universe 🙂

  2. A bit late in the day to start looking at launching a platform!

    Unless they can come up something that is cheaper and better than the existing ones, I reckon it’ll last about 2 years max.

  3. In this market do they really think providers will pay for it? So it means the members will have make various contributions………..

  4. This lot are barking..

    ….. time to leave the Network.. too many suits to subsidise.. 🙁

  5. Are the contributors to the comments privy to the details of what is being launched?

    How do they know that providers are expected to pay for a platform owned by Sesame?

    Why is it time to leave when the details of what is being done have not been publicised? I think Edward T may be a bit impetuous or other issues.

  6. No…. Mr ‘Anonymous (14;28)’… camel …straw …back… 🙂

  7. Anonymous 14.28. If you are a Sesame member you must be blind to what is going on and if not you don’t know what you are talking about!

  8. Of course 14.28 doesn’t know what they’re talking. He/she works for sesame after all…

  9. I didn’t realise Friends Provident had a platform? Perhaps this subsidiary of Resolution will be allowed to assist in building the assets of another competitor insurance company?

  10. Well, this is obviously barking. A platform requires shareholders with very, very deep pockets and a long time horizon. Bankhall showed how its not done by trying to launch a platform in competition with its then parent (Doh!)……

    The other thing a platform needs are supporters from the IFA community, supporters who have assets which can be re registered onto the platform. Do the Sesame ‘flog it and churn’ merchants (who pretty much flog Onshore bonds) really have enough assets to make this a success, more so as most of them are not capable of passing exams and will therefore exit the industry on the 31st Dec 2012.

    Maybe Sesame will see sense and white label someone else’s platform? Charge a load of extra bps and everyone is happy? (Not mentioning PH’s venture here!) What does ‘RDR’ mean again?

    So, looks like madness, but no more than the historical stories of crushing shareholder value as perpetrated by various incantations of Sesame over the years!

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