AWD Chase de Vere will sell-off its Read IFA and Home Finance mortgage consulting businesses in a bid to overcome continued losses at the group.
In a move backed by parent company AWD AG and major shareholder Swiss Life, AWD Chase de Vere has decided to concentrate on its core wealth management and consulting operations. This will include offloading small adviser business Read which specialises in the retirement planning arena and employs around 20 staff. Following further declines in Q3, AWD Chase de Vere says it is expected to lose €13m this year, with total UK restructuring anticipated to cost the firm an additional €27m. The firm hopes to return to profitability in 2010 and has already moved to reduced annualised operatin...
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