Ivan Martin will take up the role of executive chairman of the new Sesame Bankhall Group, with Sesame’s sales and marketing director Stephen Young becoming chief operating officer. Further details of the new group’s structure and services will be announced over the coming weeks.
Martin said the deal to create the UK’s largest appointed representative network and directly regulated services business would give the new group the “ideal platform” to deliver even greater levels of adviser support.
Martin explained: “Sesame, Bankhall and PMS are quality brands and this acquisition puts us in the strongest possible position to make the significant investments necessary in new services to help advisers meet the challenges of the RDR and Mortgage Market Review.”
“We will retain and build on these strong brands in order to deliver the adviser services of the future. “
Martin concluded: “At a time when uncertainty permeates our profession, this deal demonstrates our commitment in professional financial advice and our willingness to invest in its future.”
Michelle Cracknell, strategy director, at Skandia UK, said it believed the sale of Bankhall to Sesame was in the best interests of its customers and staff.
“Sesame and Bankhall combined creates a broad business, well able to meet the opportunities of the RDR, and therefore helping to underpin a vibrant and successful advice sector in the UK. The sale of Bankhall enables Skandia to focus solely on leading the growth of the UK platform market.”
