View more on these topics

Thinc Destini gets 20m cash boost

Network looking for further 20m after injections by Friends and HBOs

Friends Provident and HBOS Financial Services have pumped 5m each into loss-making Thinc Destini with the company still looking to raise a further 20m over the next few months.

The network has also secured a 5m repayable loan from Prudential and a further 5m investment from an unnamed product provider. The remaining 20m is set to be raised in the venture capitalist sector in a deal that values the network at 109m.

Pru says the loan was offered on commercial terms and it is not looking to take any equ- ity in the firm.

Thin Destini chief executive Simon Chamberlain believes the 40m total investment will help the firm, which has an annual turnover of 45m, achieve profitability within the next 12 months. He says the main priority for the group will be getting its tied advisers to move across to the firm’s multi-tie business.

He admits the two component firms, which were given FSA approval as a merged ent- ity this summer, were being funded by debt, but stresses the success of the model means profit is now on the horizon.

Chamberlain predicts Thinc Destini will see turnover increase to 65m by the end of 2006 and funds under management reach 3bn by 2008.

Chamberlain says: “This clearly represents the future of distribution in the UK. This is why we have attracted significant interest and financial investment from major players. We have developed our model during the last four years, taking into account depolarisation and the fact that clients need different services at different times and often need to see specialists.”

Pru spokesman Darragh Leeson says: “We stand by our strategy not to invest equity into any distribution group. This is a commercial loan under normal terms of borrowing with a set payback schedule.”


Fund firms link up for boutiques roadshow

Five UK boutique fund managers are lining up a series of joint IFA roadshows around the country for the new year. Liontrust, JO Hambro Capital Management, Old Mutual Asset Managers, SVM Asset Management and Neptune are taking part in the Unique Boutiques roadshow from January 31-February 7 at venues in Harrogate, Manchester, Birmingham, Bristol and […]

Lawyer claims watchdog shunning time-bar rule

The IFA Defence Union’s lawyer has accused the Fin- ancial Ombudsman Service of systematically ignoring an FSA rule time-barring endowment complaints against IFAs. During a taped meeting with FSA managing director regulatory services David Kenmir and FSA chief counsel Greg Choyce, IFA Englands proprietor Andrew Kerr, who is the lawyer for the IFADU, pointed to […]

Nvesta launches Global Titans product

Nvesta is launching a new open-ended high income investment aiming to give an annual income of 7.5 per cent gross plus the potential for capital growth. The Global Titans Income Enhancer allows investors to claim all gains against capital gains rather than income tax. If an investor utilises their whole CGT allowance they can receive […]

Weapons of mass taxation

Attempts at tax avoidance are likely to bring in the Revenue all guns blazing.

In Focus Ebola cover - thumbnail

White paper — In Focus: Ebola Virus Disease

Jelf Employee Benefits focuses on Ebola Virus Disease (EVD) and what this means for businesses with operations in West Africa. This will be of particular interest to those with employees either travelling to, or living within, West Africa, the area affected by the most catastrophic outbreak of Ebola to date.


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