Brian Cosgrave, managing director of Inter-Alliance International (IAI), has left the intermediary f...
Brian Cosgrave, managing director of Inter-Alliance International (IAI), has left the intermediary firm and network following its £750,000 takeover by De Vere & Partners.
There has been further takeover activity in the international broker market with Clerical Medical International (CMI) increasing its stake in German network Securum to 51%.
Cosgrave did not have another role to go to on his departure from IAI. It comes after a failed attempt to secure a management buy-out of IAI earlier this year.
Paul Tebbutt, chief executive of IAI's previous parent, Millfield, said that even though IAI made a profit of £300,000 in the last financial year, it had decided to focus on the UK market.
He added: "The sale of IAI has helped us to reduce Millfield's cost base from £49m on 1 December 2004 to £30.5m by October 2005."
The acquisition of IAI has expanded the number of countries in which De Vere & Partners has offices from 23 to 30. The new countries are Singapore, Bahrain, Kenya, Malaysia, Thailand, Uganda and Zimbabwe.
Nigel Green, managing director of De Vere & Partners, said: "The takeover enables us to provide more of a global service to clients. IAI had offices in eight countries, seven of which we did not have a presence in. We will keep the IAI brand and our first job has been travelling around all the offices to meet the managers and consultants."
He added that De Vere & Partners has reached a referral agreement with Millfield. Clients of De Vere & Partners returning to the UK will be referred to Millfield while Millfield will refer clients who are moving overseas from the UK.
CMI said taking a majority stake in Securum was part of this year's strategy to "deepen its relationships" with its three master distributors in Germany. It has stakes in all three networks.
Clients of De Vere & Partners returning to UK will be referred to Millfield.
Millfield UK clients moving overseas will be referred to De Vere & Partners.
CMI increasing its holding in main German distribution networks.
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