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UK Friends Provident May Spin Off Wealth Manager - Report
Tom Burroughes
18 June 2008
UK-based financial services firm Friends Provident is set to announce the sale of
Pantheon, an IFA catering to affluent investors, was purchased by Friends Provident in May 2007 for £33 million, with £16.8 million paid upfront and the balance subject to the wealth management firm meeting its targets. But after abandoning plans to develop its wrap platform in a review of its business lines earlier this year, Friends Provident decided that wealth management no longer fitted in with its future plans, Citywire said. Other businesses that were put up for sale following the review in February were