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Sesame to takeover PMS and Bankhall brands.
Byline: Catherine Couch
Sesame has confirmed both the Bankhall and PMS brands would survive if it made a binding offer for the two businesses to current owner Skandia, Ivan Martin, executive chairman of Sesame, has confirmed.
On Tuesday afternoon, Sesame confirmed it was in advanced talks with Skandia about buying Bankhall and PMS.
Skandia acquired Bankhall in December 2001 as part of a GBP210m deal to buy UK financial services software company Lynx Group plc.
In May this year Skandia told Financial Adviser it had no plans to sell the IFA support services provider. A spokesman for Skandia declined to comment on why it had now decided to sell the business.
Mr Martin said the acquisition of Bankhall and mortgage network PMS represented an excellent opportunity to create the leading distributor of financial adviser support services.
He said the two businesses combined would create the scale and breadth of service that Sesame and Bankhall see as critical success factors in supporting financial advisers in a post-retail distribution review world.
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Source: HighBeam Research, Sesame to takeover PMS and Bankhall brands.