View more on these topics

Intrinsic in talks to buy Tenet

Board-Room-Meeting-Room-Business-700.png

Old Mutual-owned advice network Intrinsic has entered into early talks to buy Tenet, Mortgage Strategy’s sister title Money Marketing understands.

Although a formal offer has yet to be tabled, well-placed sources say negotiations are underway.

One source says: “It’s all being done very informally at the moment, not least because Tenet is not officially up for sale, and Intrinsic have yet to instruct anyone, but talks are underway.”

Tenet is currently primarily owned by Aviva, Standard Life and Aegon, with the Norwich-based provider holding the largest stake in the firm following its acquisition of fellow shareholder of Friends Life.

Aviva holds a 47 per cent stake, while Standard Life owns 25 per cent, and Aegon owns 22 per cent, with the remainder held by independent shareholders.

Money Marketing revealed in May that Aviva was looking to sell its shareholding in Tenet.

Intrinsic chief executive Andy Thompson says: “As part of role as CEO of Intrinsic I am constantly looking for opportunities to grow distribution. I am currently talking at a high level to several distribution businesses and I have met Martin Greenwood, CEO of Tenet, on many occasions.”

Aviva and Tenet declined to comment.

In March, Aviva-owned Sesame Bankhall announced the closure of its investment advice network, leaving the business operating a mortgage network and Bankhall, it’s directly-authorised business.

Recommended

Mark-Carney-close-up-focused-700.jpg

Carney rules out imminent base rate increase

Bank of England governor Mark Carney has dismissed the prospect of an imminent rise in interest rates by revealing that base rate is likely to stay low for the foreseeable future. Last summer Carney said the decision to raise interest rates would likely come “into sharper relief around the turn of the year”. But giving a […]

Year of struggle: Can the market overcome the obstacles in its way this year?

Will the multitude of obstacles facing the market hamper its growth this year? The mortgage and housing markets face an uphill struggle to accelerate to their true potential this year, according to the Council of Mortgage Lenders. While far from enough to send the market into reverse – steady growth is still being predicted – […]

Money-Cash-Coins-GBP-Pounds-UK-700x450.jpg

Kensington increases max core range LTV to 85%

Kensington is increasing the maximum LTV on its core range to 85 per cent from 80 per cent and is introducing a new 65 per cent LTV product. Rates start at 3.34 per cent for a two-year year fixed at 65 per cent LTV. A three-year fixed is available at 3.64 per cent and a five-year […]

Paradigm increases mortgage business by 29%

Paradigm Mortgage Services facilitates £3.45bn of mortgage lending in 2015. Last year’s figure was a 29.2 per cent increase on the £2.67bn written in 2014. The mortgage club said a third of its business was buy-to-let and that new-build accounted for 11 per cent. It is targeting £1.6bn of buy-to-let business in 2016, up from […]

Thumbnail

Neptune video: Abenomics: the impetus for Japan’s fast-track recovery?

The remarkable performance of the TOPIX over the past year has caused many sceptical equity investors to look again at the Japanese market. These returns have come despite very significant problems facing the Japanese economy. Chris Taylor, manager of the Neptune Japan Opportunities Fund, discusses these problems and whether Abenomics will be able to overcome them, enabling the market to continue to rise.

In the video, Taylor addresses the following:

• The size and speed of Japan’s unprecedented monetary policy
• Abenomics and the implications should it fail
• Corporate Japan and beneficiaries of government policy

Comments