15th May 2007 07:04
Friends Provident PLC15 May 2007 15 May 2007 Friends Provident plc acquires two intermediaries - the Sesame Group Limited and Pantheon Financial Limited Friends Provident Distribution Holdings, a 100% subsidiary of Friends Providentplc ("Friends Provident") has today, in two separate deals, agreed to acquiretwo UK financial intermediary businesses. Sesame Group Limited ("Sesame") is one of the largest providers of supportservices to financial advisers in the UK including regulatory compliance,training, research and technology. Sesame's membership, which exceeds 7,500registered individuals, provides financial advice and distributes a wide rangeof investment, protection, mortgage and general insurance products. Pantheon Financial Limited is an independent financial adviser firm specialisingin the high net worth and ultra high net worth markets. The company has grownorganically and through successfully integrating four acquisitions. It currentlyhas over 15,000 clients and its activities include financial planning, tax andinvestment advice, scheme administration, and a retail investment unit operatingvia a call centre. Friends Provident will acquire 100% of Sesame from Misys Services Limited("Misys"), a wholly owned subsidiary of Misys plc, for a consideration of £75million payable at the time of the completion. A further balancing payment/receipt will be determined by reference to the completion balance sheet ofSesame as at 31 May 2007. The acquisition is subject to final approval from FSA. In Misys' latest Interims Results, as at the 30 November 2006, Sesame reportedoperating profit of £8 million for the six-month period, which compares with£8.6 million for the 12 months ended 31 May 2006. Friends Provident will acquire 100% of Pantheon Financial Limited for an upfrontpayment of £16.8 million in cash with potential further payments spread over thenext three years depending on performance. The acquisition of these high quality businesses builds on our successfulstrategy to strengthen and develop our relationships with the distributioncommunity by investing in intermediaries with growth prospects and favourableinvestment returns. This is the first occasion where the Group has takencomplete control of an intermediary and reflects Friends Provident's view of theimportance of quality distribution to the financial services sector. Sesame and Pantheon Financial Limited will continue to operate autonomously,retaining their brands, people and offices. Ben Gunn, director, Friends Provident plc, said: "We are delighted with the opportunity to acquire these high quality, profitablebrands and their talented management teams. Friends Provident is committed tomaintaining and supporting a healthy intermediated sector which is our primaryaccess to market. Consumers should have choice from a stable and efficientadviser community that identifies the best client solutions." Patrick Gale, chief executive of Sesame commented that: "As a major financial services company, Friends Provident is a logical andnatural owner to provide the support for us to drive our future aspirations.Friends Provident and Sesame's management team will work closely together on anumber of strategic initiatives and further establish Sesame as a leading brandin intermediated financial distribution." James Kaberry, chief executive of Pantheon Financial Limited, added: "We are delighted to be joining the Friends Provident Group. This is a majorstep forward for our company and the next phase of growth for the business, itsclients and its people." - Ends - For further information, please contact: Nick Boakes Friends Provident plc +44 (0)845 641 7814Di Skidmore Friends Provident plc +44 (0)845 641 7833Sandra Grandison Friends Provident plc +44 (0)845 641 7834Alex Simmons Finsbury Limited +44 (0)20 7251 3801 Ref: H105 Notes to Editors About Sesame Sesame is the leading provider of support services to 7,500 financial advisersacross the UK. Some of the services include compliance and regulatory support,access to the latest product research, training and development technicalseminars, preferential PI terms and access to cutting edge technology thatallows advisers to write business more efficiently. Sesame was launched on 1 August 2003 as the new identity for Misys IFA Services- bringing together under one brand five separate IFA businesses (Countrywide,DBS, Financial Options, IFA Network and Kestrel.) About Pantheon Financial Limited Pantheon Financial Limited was established in September 2000 by James Kaberryand Duncan Read, to provide high quality financial advice and services to highnet worth individuals. The company has successfully integrated Brabins, Unitas,Hobsons and Fraser Anderson into its business. Pantheon Financial Limited is a Leeds-based independent financial adviser, with82 staff, including 32 advisers, and has offices based in Leeds, Nottingham,London, Orpington, Evesham, Scunthorpe, and Southrop. The company operates insix distinct areas - wealth management and tax planning, corporate financialplanning, pensions management and retirement planning, employee and executivebenefit consulting, mortgages and discount broking. About Friends Provident Friends Provident plc is the holding company of the Friends Provident Group ofcompanies and a member of the FTSE 100. With more than 2.5 million customers theGroup employs approximately 5,000 staff in its three core businesses: UK Life &Pensions, International Life & Pensions and Asset Management. Now in its 175th anniversary year, the business was founded on Quaker principlesand aimed to alleviate the hardship of families facing misfortune. FriendsProvident has embraced corporate governance and achieving high standards ofcorporate behaviour and accountability to both stakeholders and customers is atthe heart of our business. In 2001 the company established the grant-makingcharity The Friends Provident Foundation with the aim to encourage new ways ofthinking about how money can be used to solve a wide range of problems. Fast growing UK Life & Pensions: • 2006 new business sales up 30%, growth underpinned by award-winning service International Life & Pensions: • Friends Provident International - 2006 new business sales up 16% • Lombard - 2006 new business sales up 40% Asset Management: • Funds under management £104 billion at 31 December 2006 from £30 billion at listing (July 2001) Financially strong • Risk Capital Margin of £220m covered by surplus assets within With Profits Fund at 31 December 2006 • Life & Pensions excess capital resources in accordance with FRS 27 £1.8 billion at 31 December 2006 • Regulatory solvency: Free Asset Ratio 22.2% at 31 December 2006 • Insurer financial strength rating: Moody's A1, S&P A+, Fitch A+ For more information on Friends Provident including, photos, awards, fast facts,presentations, and media contacts please visit the media section atwww.friendsprovident.com/media This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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