Sesame deal creates a distribution giant
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Sesame has completed the acquisition of Bankhall and PMS, with Sesame chairman Ivan Martin heading the newly created Sesame Bankhall Group.
Stephen Young, sales and marketing director at Sesame, will assume the role of chief operating officer and John Malone will continue to head PMS as managing director.
Discussions between Skandia UK, parent of Bankhall and PMS, and Sesame were announced on June 30.
The deal was expected to take eight weeks but was only finalised on October 16 after due diligence and the drafting of final agreements took longer than expected.
Martin, executive chairman of Sesame Bankhall Group, estimates that the enlarged financial services group will serve more than 10,000 advisers, including appointed representatives and directly authorised brokers, and account for around 17% of the mortgage market.
He says: “This is a ground-breaking deal for the industry. The size and breadth of our new adviser business will boost our ability to build bespoke services and products that drive value for advisers and their clients.”
More details about the group’s structure and services will be announced in the coming weeks.
Martin adds that Sesame Bankhall Group is now well positioned to deal with the extra cost of any forthcoming mortgage regulation.
David Golder, managing director of IFA services at Bankhall, says: “The combined business will allow us to develop valuable new services for IFAs.”
