Financial Services Industry
Industry: Email Alert RSS FeedInter-Alliance, Millfield merger confirmed.
Investment Adviser, August, 2004
Inter-Alliance and Millfield have confirmed a merger deal to create a firm of almost 2000 IFAs.
The deal, which took two months to complete, will mean Inter-Alliance's advisers will have access to the Lifetime wrap account, to be launched in the autumn, in which Millfield owns a 41 per cent stake.
The new firm, to take the Millfield brand, has secured up to AGBP15m of funding from Axa Sun Life, Friends Provident Life & Pensions, Prudential, Scottish Widows and Skandia Life Assurance.
It will have a combined annual turnover of about AGBP105.5m.
On Friday, the City gave the news a poor reception, with Millfield's share price dropping -- it closed at 45p compared with 57p the previous day.
The Inter-Alliance share price rose,...
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