Tebbutt has been recruited by Chamberlain as one of seven divisional directors to help introduce IFA businesses to Succession. Succession launched on May 1 targeting 85 IFA firms and £7bn funds under management. Tebbutt plans to contribute around £1.7bn and has already signed up three companies with around £200m of assets.
Tebbutt, who was chief executive of Millfield Partnership, was fined £35,000 by the FSA in 2006 for providing misleading information about the firm’s application to merge with Inter Alliance. Millfield went into administration in June 2006.
Succession chief executive Simon Chamberlain says: “Millfield was the biggest IFA in the UK once upon a time. A lot of those businesses went over to the Money Portal and are dissatisfied with the Honister deal. They have contacted Tebbutt about leaving.”
Honister Capital strategy and business development director Alan Easter says: “If we added together all the people our peers are telling us are joining them because they are upset, it is probably twice as many people as we actually have in total.”