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.”