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Tenet confirms Foster Denovo sale

Tenet Group has confirmed the sale of Foster Denovo to the national IFA’s management team led by Keith Carby.
The deal, first revealed in this week’s Money Marketing, sees Carby remaining as executive chairman of Foster Denovo and therefore leaving the Tenet board.
Tenet says the deal was agreed amicably and helps align the Group’s companies to those more closely matching its long term strategy.
Foster Denovo is applying for direct authorisation with the FSA and will continue to take services from the Tenet Group. The firm has around 130 IFAs each producing an average turnover of £200,000.
Carby says: “During my two years at Tenet, I have been fortunate to see both the group and Foster Denovo grow in terms of volume and quality of operations. Simon and the Board have, over many years taken the Group to where, in my opinion, it is superbly well placed for the future. Foster Denovo also has the prospect of a very exciting future and I would like to thank Simon and his colleagues for their support and contribution to the development of Foster Denovo.”
Tenet Group chief executive Simon Hudson says: “We wish Keith and all at Foster Denovo every success for the future. Keith made a significant contribution to the Tenet Group and was instrumental in our rescue of Berkeley Independent advisers.
We have been planning this move for some time and will redirect the effort that went into Foster Denovo towards initiatives that more closely match our long term strategy.”

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