Misys has announced a deal has been reached which effectively moves Sesame, the IFA servicing arm, one step closer to a management buyout.
In a stockmarket announcement issued this morning, Misys says it has agreed to sell a 60% stake in Sesame to Sesame Management - headed by chief executive Patrick Gale - in return for an investment of around £105m in cash and guarantees. This deal will effectively mean Misys will still hold a 40% stake in the firm at this stage but will no longer be responsible for inputting any additional capital into the firm if needed beyond current regulatory requirements. Little detail is given at this stage concerning the actual management of the firm, but the statement suggests deferred benefits ...
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