View more on these topics

Standard Life takes stake in Tenet

Standard Life has taken what is understood to be a twenty per cent stake in the Tenet Group, as first reported in this week’s Money Marketing.

The deal is thought to value Tenet at 86m and is Standard’s first investment in distribution. Tenet is the largest independently owned distributor in the UK.

Norwich Union, Friends Provident and Aegon UK, existing shareholders in Tenet, have also made significant additional investments as part of the deal.

The four companies will now hold similar levels of equity, the remainder being held by management, staff and members.

The deal is the first where a firm will have product provider shareholders with more than 10 per cent of shares, following the FSA’s dropping of the ‘better than best’ rule at depolarisation.

Recommended

Roger sanders

Helm Godfrey deputy chairman and director believes that small IFAs should stick together and create a stronger offering and his recent merger proves just that. Sam Shaw met him to discuss the company’s plans for the future

Sight for sore bums

Chemists in the south of France and north of Italy were cleared out of Vaseline last week as pedalling PR Adrian Cammidge of Aegon pushed through with his troupe of cycling colleagues. The Cammidge under-carriage is said to have re-sembled a baboon in heat after the 1,600 km trek from Calais to San Remo, raising […]

Abbey wrap takes more than 600m

Abbey says its wrap has taken over 600m in new money this year and the service remains core to the business despite persistent rumours that it is set to close. The firm says the rumours are “unhelpful” and new parent Banco Santander sees the wrap as a central pillar of its distribution strategy. James Hay […]

Investment clock economic update

In the latest Investment Clock economic update, Ian Kernohan, Senior Economist at Royal London Asset Management, discusses the implications of the US Federal Reserve’s recent hike in interest rates and upcoming French presidential election. The value of investments and the income from them is not guaranteed and may go down as well as up and […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment