The acquisition brings the number of advisers within the group to over 5,000.
Premier, a network business supporting around 2,500 non-investment advisers across healthcare, protection and mortgage products, will continue to trade independently within the Tenet Group in order to preserve its own proposition, continuing Tenet’s traditional approach to acquisitions.
Premier said its integration within Tenet should see continued improvements to its IT infrastructure while providing an additional compliance service for the Premier members. Tenet also expects to benefit from the acquisition with the introduction of management expertise in the non-investment environment.
Simon Hudson, chief executive of Tenet, commented: “We expect the acquisition of Premier to be a catalyst for the group in the non-investment arena. Premier will also represent a major step forward in our strategic goal of confirming Tenet as one of the major distributors of financial products in the UK, with 10,000 advisers within 10 years.”
Michael Cooke, managing director of Premier, said “Through Tenet we have access to fully authorised mortgage, protection and healthcare business which non-investment advisers will value when the alternative is to close their doors to new business.”
Sean Godfrey, director of Bankhall, commented: “Tenet is the third largest IFA group in the market and has always been competition for us. Regulation is bringing many changes and the firms that benefit from this will have existing scale and experience.”
