Friends Provident have recently brought independent finance advice network, Sesame, for £75million from its owners Misys. Misys has been trying to sell Sesame since 2007, and Sesame currently has 7,500 registered members.
Sesame does not expect to loose any members due to the buy out by Friends Provident.
Our view
This move is all about market share and distribution. It tells is that providers are starting to look at multiple distribution channels. We do not believe that Friends Provident will be issuing any windfalls following the purchase from Misys. Friends Provident have also brought Pantheon Financial, an independent advisory company.