View more on these topics

Standard takes 10% stake in SimplyBiz

Standard Life has become the first product provider investor in SimplyBiz after buying a 10 per cent stake.

SimplyBiz says it rebuffed an offer for the whole business from a different com- pany before deciding to sell a small portion to Standard on a single-investor, silent-partner basis.

Standard will not take a seat on SimplyBiz’s board.

This is Standard Life’s second foray into the dist- ribution market after buy- ing a 20 per cent stake in Tenet last July.

SimplyBiz, which supp- orts 1,300 adviser firms, has been trading for three years and reported a profit of £2.25m in June.

It says there are no fur- ther plans to bring in investors beyond Standard. Money raised from the deal will be used to strengthen technology and compliance services.

Standard Life chief exec- utive Trevor Matthews says: “This is another important step in the development of our business and we are delighted to be associa- ted with a company of SimplyBiz’s standing in the industry.

“Given the quality of their proposition, management team and track record of delivery we believe this represents an excellent investment. We believe the future for Simply Biz is bright.”

SimplyBiz executive chairman Ken Davy says: “The initial catalyst was an approach we received for 100 per cent of the business but we would not countenance that. We are keen to continue growing as an independent organi- sation and decided the best way was to select one indiv- idual firm with a modest stake in the business.

“This would establish clearly the significance of SimplyBiz as a force in the marketplace.”

Recommended

ING could take 500,000 away from brokers, claims Cleary

ING Direct could end up taking half a million customers away from the broking market, according to Edeus managing director Alan Cleary. He said the launch of ING last month as a direct brand could spell trouble for brokers even though the firm has pledged to sell through intermediaries eventually. However, Cleary doubts that it […]

Axa successfully secures acquisition of Thinc Group

Axa’s bid for Thinc Group has finally gone through after more than 96.2 per cent of Thinc shareholders accepted the French insurance giant’s offer.Thinc will cost Axa up to £100m. The insurer placed a formal offer of £70m for Thinc based on its performance in 2009 and pledged a further £30m to refinance its debt […]

Not everyone can afford first-class

We are deemed a general practice, with average annual client income of around 18,000. If we gave our clients no choice of how we earn a living but fees only, we may as well shut up shop. Since giving the clients the choice using IDD, every one has said they are happy for the provider […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    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

    Email: customerservices@moneymarketing.com