M&A

GlaxoSmithKline, the UK's largest pharmaceutical group, has agreed to sell one of its businesses to rival Novartis, in a deal which will see it return billions of pounds to shareholders.

Bromsgrove-based independent financial advice firm AFH has acquired Somerset-based IFA Shape Financial in what marks the fourteenth acquisition by the firm since its flotation.

Quilter & Co and Cheviot Asset Management are in talks to combine their businesses via a private-equity facilitated merger.

AFH Financial Group has made its tenth acquisition since floating onto the stock market last year, with the purchase of Chartwell Associates.

ACQUISITIONS

The Financial Services Authority (FSA) has blocked acquisition activity by a financial adviser, questioning her reputation and citing her lack of honesty and integrity.

WHAT'S HOT?

Following a mixed 2011, Maria Merricks asks fund managers what this year has in store for the high yield sector.

IFA consolidator Perspective Financial Group has acquired Gateshead-based adviser Vivienne Shepherd, and plans to integrate the practice into one of its existing Newcastle businesses, Rutherford Wilkinson.

Simon Hudson, the former chief executive of Tenet Group, has made a swift return to the advisory arena with the acquisition of a Leeds-based firm, and is aiming to purchase up to five more businesses.