View more on these topics

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.”


Free fall

“My advice is free.” How often have you said this to prospective clients or had clients come to you after another adviser said this to them?

Mobile marvel

Last week’s wintry weather hit many in the country but Chase de Vere Mortgage Management director Nick Gardner suffered an unusual consequence.Working in T-shirt and shorts from his Blackheath home due to the snow which crippled London’s transport network last week, Gardner found reception on his mobile difficult and the only way he could hear […]

Poor Abbey PR Charles Ansdell…

Poor Abbey PR Charles Ansdell had the fright of his career when a less than observant MM hack sent him an email about a lunch meeting on February 22, not realising it was in fact January 22 at about 3pm. His response was: “Bejeezus, that had me worried for a second. Never send PRs emails […]

Pru cracks 575m Egg sell-off

Prudential has sold its internet banking arm Egg to Citigroup for 575m in a surprise U-turn.The move comes just over a year after chief executive Mark Tucker affirmed the insurer’s commitment to Egg after buying back the 21 per cent it did not own in a deal valuing it at 973m.Pru will continue to offer […]

Great expectations for Japan

By James Dowey, Chief Economist and CIO Turnaround stories are an investor’s best friend. If successful, they prompt a widespread and possibly radical re-evaluation of the fair value of the associated assets. If one is brave enough to re-evaluate early on in the process then the returns can be very large. For over two decades […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm