Misys confirms IFA sale talks
20 March 2002 | 2696 views | 0
Misys is holding discussions with UK life and pensions product providers about the sale of stakes in its independent financial adviser (IFA) businesses.
Misys says the discussions have been prompted by recent moves by the Financial Services Authority to end the split between IFAs and tied sales agents. The company says it has appointed Lexicon Partners and Dresdner Kleinwort Wasserstein to advise it on "opportunities to expand and extend its activities in this area".
Misys' financial services division currently operates a number of indpendent portals for IFAs, including Countrywide, DBS, Financial Options, IFA Network, and Kestrel.
The company has not disclosed details of potential partners, although it recently sold a stake in its AssureWeb Internet business to Friends Provident, Norwich Union and Scottish Widows.
Kevin Lomax, chairman, Misys comments: "Misys is committed to the ongoing growth and development of its IFA businesses, supported by the benefits of scale, financial strength and strong provider relations."