Money Portal's bid for adviser network Burns-Anderson has been finalised after gaining FSA approval.
The deal follows the acquisition by Money Portal of both Bates Investment Services in 2003 and Sage Financial Services in July 2006.
Mike Hughes, chief executive of Burns-Anderson, says the deal will bring to an end a 20-year wait for its shareholders to get a return on their investment.
“It’s a big day and we are very pleased to be joining Money Portal.
“I am very pleased for our shareholders. They have been waiting a long time to get their money, and now they’ll only have to wait another 14 days or so.”
Burns-Anderson will keep its name, and Hughes says brand recognition will remain a key driver over the coming years.
“The Burns-Anderson name is really important to us and we intend to make it even stronger.”
Money Portal says the acquisition will result in a combined business ranked in the top three in the sector as measured by turnover.
It says this “strong position” will enable the benefits of scale to be harnessed for the good of clients, employees and shareholders alike.
A spokesman says: “We have no current plans to change the current strategy of Burns-Anderson or the location of its operational places of business."
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