Tenet, the IFA Group, has bought a 20% stake in one of its own IFA members which signed up as an M&E...
Tenet, the IFA Group, has bought a 20% stake in one of its own IFA members which signed up as an M&E network member.
A 20% equity investment of undisclosed value has been taken by Tenet in Ayrshire Financial Services, in what officials say is likely to be the first of several such deals with its own member firms and financial connections.
Investment will be made into similar businesses in both monetary and manpower terms, says Tenet, in the hope it will increase efficiency and "dovetail with its more general initiatives regarding the financing and productivity of network members".
This deal with one of its own member firms comes only six months after Norwich Union and Friends Provident both took 10% stakes worth £9.5m in the Tenet Group.
Peter Lane, group commercial director at Tenet says the investment will allow Ayrshire - formed by M&E network members Alex Bruce and Gary McCleary in 2000 - to double its operational size and staff, having already grown from two to 12 advisers.
Ayrshire has four other branches aside from its Kilmarnock head office, as well as financial arrangements with introducers, estate agents, solicitors and Kilmarnock Football Club.
And Tenet has grown to become the largest IFA group in the UK, servicing 2,200 IFAs within its M&E and Interdependence networks, its IMA mortgage network and IFA Professional, a support service for directly regulated IFAs.
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