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Sumus takes over FSAS

Falcon parent company Sumus has bought the network Financial Services Advice and Support Limited for a fee of up to £2m.

FSAS is based in Dunfermline and has over 160 IFAs and mortgage advisers operating within 54 active appointed representative businesses.

The network has 60,000 clients, with around £700m assets under advice and an estimated turnover of around £10m for the year ending October 2006.

The deal means the Sumus group now has over 300 IFAs and mortgage brokers, with assets under advice totalling around £2bn. Sumus has paid an initial £859,000 for FSAS, with up to £1,141,000 depending on future earnings.

This is the first acquisition by Sumus since it floated in February 2005. The firms are familiar with each other as both are members of adviser service group the IFA Consortium.

Sumus chief executive Allan Rosengren says: “Sumus and FSAS share a number of key attributes, including our mutual commitment to indepen dent financial advice and our complementary cultures and standards of exceptional client service.

“The enlarged group will provide a greater range of offerings to clients and to potential network members by combining the services.”

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