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Friends Provident buys Sesame and Pantheon

Friends Provident has bought the Sesame network as well as Pantheon Financial.

Friends Provident has bought the Sesame network as well as Pantheon Financial.

The aggressive move into the intermediary space sees the group target both retail and ultra high net worth advisory businesses.

Misys has sold 100% of Sesame to the insurer for some £75 million though further payments may also be possible at a later date.

Pantheon has gone for a price of £16.8 million with further potential payments possible over the next three years.

The group said that both Sesame and Pantheon will continue to operate independently retaining their current brands.

Ben Gunn, a director of Friends Provident, said: 'We are delighted with the opportunity to acquire these high quality, profitable brands and their talented management teams. Friends Provident is committed to maintaining and supporting a healthy intermediated sector which is our primary access to market.'

More to follow.

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