Rochdale IFA MS Financial Services is hitting the acquisition trail for IFAs after Manchester Buil ding Society bought a 10 per cent stake in the company to back its expansion.
The deal is believed to be the first of its kind in the UK. Manchester says the deal is purely an investment rather than the purchase of another channel to sell its own products. It will act as an introducer to MS for its members.
Manchester chief executive David Cowie says: “This represents a strategic inv estment for us to grow the value of the investment and to broaden the range of services we can offer to our members without having to increase our cost base.”
MS managing director Mark Sharples says: “The capital injection will enable us to expand the company in terms of turnover, number of high-quality advisers and geographical coverage.”