Paul Tebbutt, who was chief executive of Millfield Partnership, has joined the new IFA consolidation firm Succession, run by Simon Chamberlain. The FSA fined Mr Tebbutt £35,000 in 2006 for providing misleading information about the firm’s application to merge with Inter-Alliance. Millfield itself was delisted from the AIM market and went into administration in June 2006.
Succession launched on May 1 targeting IFA firms and substantial funds under management. Tebbutt plans to contribute around £1.7bn and has already signed up three companies with around £200m of assets.
Succession chief executive Simon Chamberlain said: “Millfield was the biggest IFA in the UK once upon a time. A lot of those businesses went over to the Money Portal and are dissatisfied with the Honister deal. They have contacted Tebbutt about leaving.”
This remains to be seen over time.
