Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/new-model-adviser/article/a656853
Friends Life looks to sell Sesame
by Jun Merrett on Feb 06, 2013 at 10:53
Product provider Friends Life has put Sesame Bankhall Group up for sale.
New Model Adviser® understands that a 'teaser' document providing a summary of Sesame with an invitation to buy has been sent out to banks, insurers, investment houses and private equity houses over the past few weeks.
Sources close to the situation said Sesame's management, including chief executive George Higginson (pictured), wanted to make capital and Friends Life wanted to streamline its business strategy which did not include owing an advisory division.
It is also understood that Barclays Investment Banking department has been appointed to find buyers for the business.
In December the life company announced it would cut 150 roles as part of an ongoing restructure. In July 2011 the company announced plans to close its Basingstoke office and consolidate its Manchester office by the end of 2012 which put 295 jobs at risk.
In November 2011 the company also signed an outsourcing deal with Diligenta, a subsidiary of Tata Consulting which led to 1,900 IT and customer service roles moving to Diligenta.
Friends Life and Sesame said they would not comment on market speculation.
News sponsored by:
Today's top headlines
More about this article:
More from us
- Friends Life plans Sesame retirement advice link
- Sesame to hike fees after tech upgrade
- Sesame draws up approved product list to keep PI costs down
- Sesame says Bankhall takeover not part of a Friends Provident plan
- Friends Provident buys Sesame and Pantheon
by Jun Merrett on May 21, 2013 at 15:55