Misys aims for IFA flotation
Banking and healthcare software group Misys, which employs 7,000 of the UK's estimated 25,000 independent financial advisers, has announced plans to float its IFA network businesses within two years.
Declining to announce a specific date, the software supplier said the float would not occur ‘until equity markets have stabilised’ and the regulatory regime becomes clearer.
Misys claims that bundling its five IFA networks with the related technology businesses of its AssureWeb portal and IFA desktop software products range will keep transaction costs down and ensure choice as consumers demand certainty and clarity from the industry.
The group promises new recruitment, retention and retirement measures benefiting present and future network members, including a practice buy-out programme to assist IFAs on retirement.
Kevin Lomax, chairman, Misys plc, commented: ‘We now believe that the business is of a size and at a stage in its development where it would benefit from having an independent future.’