IFA group Tenet, which owns mortgage and general insurance network Lime, has bought Premier Protection network for an undisclosed sum and says further acquisitions could follow.
Pure protection network Premier, which will retain its brand name, has around 2,500 non-regulated advisers. The move brings Tenet's total number of members to around 5,000.
Premier will continue to trade independently within the Tenet group and will be run by its existing management team of managing director Michael Cooke and two other directors, Neil Burrows and Darren Ferney-Hough.
Premier says its introduction to the Tenet group will bring improvements in technological support and compliance services. Tenet also expects to benefit from the acquisition, with the introduction of management expertise in the non-regulated environment.
Tenet has two traditional IFA networks, M&E and Interdependence, Lime, IFA Professional, a bespoke support service for directly regulated IFAs, Capital Planning, a national IFA, Tenet Business Solutions, a business consultancy and now Premier.
Simon Hudson, chief executive of Tenet, says: “We expect the acquisition of Premier to be a catalyst for the group in the non-regulated arena. The move also represents a major step towards our goal of confirming Tenet as one of the major distributors of financial products in the UK, with 10,000 advisers within 10 years.”
He adds: “We have no intention of interfering with the running of Premier, which has a strong relationship with its existing clients. Its management will stay in place.”
“We have other acquisitions planned with but can't say any more on that at the moment.”
And Michael Cooke, managing director of Premier, says: “The regulatory and financial strength of Tenet combined with our service offering will be a powerful force in the non-regulated marketplace. We think existing and potential clients will find it an irresistible proposition.”