Tenet shareholders - Aegon, Aviva and Abrdn - have brushed off the firm’s decision to close its wealth network.
In an announcement yesterday (August 21), Tenet said it will close its network, with its appointed representatives moving to The Openwork Partnership as part of an exclusive agreement.
The agreement will provide Tenet's firms and advisers the choice of retaining their independent status through Openwork's IFA business 2plan Wealth Management or becoming part of the restricted Openwork proposition.
Meanwhile LSL Property Services, owner of the Primis mortgage network, has bought TenetLime, Tenet's mortgage network.
Tenet made the announcement following the completion of a strategic review.
Of the three firms, Aviva has the largest holding with Aviva Life Holdings having a 24.98 per cent stake in Tenet Group and Aviva Life and Pensions UK Limited taking a 24.13 per cent stake.
This is followed by Abrdn with 26.7 per cent and Aegon with 23.27 per cent.
A spokesperson for Aviva said: “We are pleased that Tenet has concluded its review of the business and secured new ownership for the mortgage network and an agreement with Openwork to support the smooth transfer of Tenet’s wealth network advisers and customers to an alternative provider.
“As a shareholder, we continue to support Tenet through this transition.”
Meanwhile, Aegon said: “Aegon has a minority shareholding in Tenet.
“Decisions on the output of their strategic review remain a matter for the Tenet board.”
Abrdn declined to comment.
sonia.rach@ft.com
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