Tenet Group has bought non-regulated business Premier Connections for a mix of cash and shares.
Southampton-based Premier Connections does health and protection business. Its network arm Premier Protection and its 2,500 non-regulated advisers are being bro- ught into Tenet but will continue to trade independently within the group.
Tenet group chief executive Simon Hudson says the acquisition will significantly boost the non-reg arm of the business and go some way towards achieving the group's target of 10,000 advisers within 10 years.
The group says it will offer Premier members additional support for technology and compliance. It also hopes to offer the Premier advisers the opportunity to train as investment advisers and move across into Tenet's networks as fully trained IFAs.
Tenet has around 2,500 IFAs split between two traditional networks – M&E and Interdependence and national IFA Capital Planning.
It also offers a mortgage and general insurance arm Lime, a support services provider for directly regulated IFAs IFA Professional and a business consultancy, Tenet Business Solutions.
Hudson says: “We expect the acquisition of Premier to be a catalyst for the group in the non-reg arena. It will also represent a major step forward in our strategic goal of confirming Tenet as one of the major distributors of fin-ancial producers in the UK.”
Premier managing director Michael Cooke says: “The regulatory and financial strength of Tenet combined with our service offering will be a powerful force in the non-reg marketplace which existing and potential clients will find an irresistible proposition.”