Misys is to restructure its existing five independent financial advice networks into a single operation under the new Sesame Group brand.
The move will see Countrywide, DBS, Financial Options, IFA Network and Kestrel form the Sesame network. Sesame is expected to start trading on 1 August this year, and Misys aims to demerge and float the Sesame Group in the second half of 2004. Member firms will receive 10% of the equity value, giving them a vested interest in the group’s success.
Also, part of the Sesame Group will be rebranded operations Sesame Mortgage Services, Sesame Direct, Sesame General Insurance Services, Sesame Desktop Services, Sesame Protection Services and Assureweb.
Patrick Gale, chief executive of Misys Life and Pensions, who will become the chief executive of the Sesame Group, said: ‘We have assembled a strong management team and together we are very excited about the opportunity we have to build the Sesame business. We can only succeed if we deliver a service which our members continue to trust and value, something we are confident we can do.’
He continued: ‘After extensive research among our member firms, product providers and our staff, we believe the Sesame identity encapsulates openness, trust and professionalism.’
Misys has begun a series of UK roadshows aiming to meet 7,000 intermediaries and explain the move in more detail.