Co-op concludes sale of IFA network
THE CO-OPERATIVE Bank has completed the sale of its Independent Financial Advisory (CIFA) business to London-based Syndicate Asset Management.
Syndicate is paying a nominal, undisclosed sum for the business and assets of CIFA and £450,000 in cash for all of CIFA’s trail commission receipts. Some £250,000 of this will be paid in a year’s time, with the remaining £200,000 paid in two years. All of the CIFA’s 52 staff and advisors will also be transferred to Syndicate subsidiary Ashcourt Rowan next month.
CIFA has approximately 55,000 customers – predominantly in the North West, North East, Midlands and South Wales – and funds invested of around £1bn. Ashcourt Rowan’s existing network of 17 offices is predominantly on the South of England. Following the deal, the amount of funds under its influence and management will grow to £3.3bn, and the amount under the control of Syndicate Asset Management’s overall wealth management division will increase to more than £4.3bn.
“I’m delighted to add such a high calibre team of IFAs, sales managers and
support staff to our business,” said Ashcourt Rowan chief executive Mark Cheshire.
“They have the right balance of knowledge and experience to be able to best advise clients on the many sensitive issues that individuals and families have to address when planning their financial futures.”
Rod Bulmer, managing director of Co-Operative Financial Services said: “Throughout this process, we have sought an established IFA business that was
committed to the market with an aspiration to retain existing CIFA client
relationships.
“Ashcourt Rowan was assessed against our own core values and their determination to offer an excellent financial planning service made them the right choice for our IFA business.”
