Intrinsic in talks to buy Tenet

Ryan Bembridge

January 20, 2016

Intrinsic is in informal talks to purchase the Tenet network, reports state.

Tenet’s main shareholders Aviva, Standard Life and Aegon are said to want to sell their investments in the business.

The largest shareholder Aviva increased its stake in the network when it acquired rival life company Friends Life in April 2015.

Intrinsic chief executive Andy Thompson wouldn’t confirm the talks, but he said in a statement:  “As part of my role as chief executive 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, chief executive of Tenet, on many occasions.”

Old Mutual Wealth purchased Instrinsic on 1 July 2014 for £98m.

Intrinsic purchased Positive Solutions from Aegon in June 2013 and in April 2015 it was named as the preferred partner for advisers wanting to switch from the defunct Sesame network.

In October 2015 Old Mutual Wealth launched a national advice firm and announced plans to acquire the Financial Adviser School from Sesame.

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