UK financial software group Misys has announced plans to consolidate and float its network of independent financial advisers under the name Sesame.
Under the plans, the five existing networks - Countrywide, DBS, Financial Options, IFA Network and Kestrel - will become a single, regulated network with a tentative flotation date set for the second half of 2004.
The Sesame network is expected to begin operating on 1 August 2003, subject to approval by the Financial Services Authority, and will be helmed by Patrick Gale, currently chief executive of Misys Life and Pensions. It will be the largest IFA network in the UK with a market share of around 25%.
Members will benefit from a new pricing structure, says Misys, and will receive Sesame's research material free of charge. In a further bid to woo new advisers to the network, ten percent of the equity value achieved at flotation will be allocated to member firms.
Misys has been preparing to hive off its IFA interests for some time, but with stock markets falling the group has so far steered clear of setting a firm date.