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Tenet £1m loan support to members

Tenet says it has provided almost £1m in loans to support its adviser firms.

Distribution and development director Keith Richards says the group stepped in to support adviser firms after it become clear that credit from the banks would remain in short supply.

He says the majority of the loans have been used to fund acquisitions and business development but have also provided support with short-term cashflow problems.

He says: “The demand has really increased in recent times on acquisition and business development opportunities, where some advisers are looking to exit the market and are looking to join up with a like-minded firm and perhaps looked at a phased exit over the next few years. We are intent to look to continue funding that.”

Richards says the group is reasonably flexible in terms of how the loans are structured to advisers.

He says: “In some instances, we are happy to take a lower amount in the first 12 months and then phase it over the remaining 24 months, for example. Each loan is designed around the individual needs of each firm.”

He says the firm will continue to offer this facility until credit conditions improve.


OPM cuts duplicate risk

OPM Fund Management says one of the advantages of its multi-manager approach to equity income funds is there is little “unintentional risk” in its equity high-income fund. Unintentional risk is the term OPM uses to describe an overlapping of top 10 holdings that could occur if an investor holds several equity income funds. The firm […]

M&G reports £3.4bn of retail sales

M&G says it continues to outsell “all of its competitors” in the UK retail market, and overall external funds under management rose by 8 per cent in the first half to £75.7bn. The Prudential-owned asset manager says its net retail inflows were £3.4bn in the UK and Europe. In the UK its retail assets under […]


‘Regulator and banks have been blocking pro bono advice scheme’

Advisers have hit out at the FSA for hindering attempts to develop simplified advice. Chairing a panel debate at the Money Marketing Retirement Summit, Syndaxi Chartered Financial Planners managing director Robert Reid said the regulator had been territorial in its attempts to hinder the Personal Finance Society’s pro bono work with the Citizens Advice Bureau […]


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