Openwork shareholders secure 30% equity in Zurich deal

The deal transfers 30% of the 100% preferential shares in Openwork, which Zurich negotiated in a deal in 2005, to the network's shareholders or 'partners'. Zurich will remain a 25% ordinary shareholder in the mulit-tied network. Openwork says the deal will enable its transition to a fee-charging model, including funding the building of a platform which chief executive Martin Davis (pictured) says will begin this year. He says: "Any firm without access to the funds required will struggle post-RDR. The intention of building the platform is to enable advisers to move to a charging mod...