After two years of preparation, IFA group Tenet is telling its members that the company is in a strong position to go for a market listing.
Chief executive Simon Hudson has contacted members of the 2,500-strong IFA group to tell them that the company has met its targets for listing and it expects to report a trading profit at the end of the year.
In 2002, Tenet said it wanted the business to be capable of flotation by April 2004.
There are currently eight listed IFAs – The Lighthouse Group, Berkeley Berry Birch, The Millfield Group, The Cav-anagh Group, Inter-Alliance, Prestbury Holdings, Burns Anderson and Misys. The flotation of Misys' IFA arm Sesame has been postponed until 2005.
Hudson says the group has devoted time and money to its national IFA Capital Planning, mortgage and general insurance arm Lime and back-office system OfficeNet.
Tenet completed its acquisition of protection business Premier Connections for a mix of cash and shares last week. Premier's network arm has 2,500 non-regulated advisers who are being brought into Tenet but will trade independently within the group.
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.
He says: “We can go to market for a listing if we believe it is right for our future. This is being kept under review.”
Non-reg boost, p18