Press Releases

The Financial Weekly
January 17-23, 2003
"Major finance group links deal with Cyprus-based "

Inter - Alliance Group PLC, (IAL) the UK's largest national independent financial advisory group, has agreed a joint venture with OFS WorldNet (OFS), a financial services network group based in Cyprus.

IAL, through its wholly-owned subsidiary Inter-Alliance International Group (Cyprus) Ltd (IAI), has acquired a 50% stake in OFS.

The new joint venture, which will be re-branded and re-launched as Inter-Alliance WorldNet Ltd, will operate as part of the Inter-Alliance International Group of companies. A nominal consideration was paid by IAL for this acquisition.

Business

Kevin Mudd will continue in his role as Managing Director of the new joint venture company with Brian Cosgrave, Chief Executive Officer of IAI, joining the board as non-executive director.

Inter-Alliance WorldNet will be developed into the leading international network for IFAs with an extensive range of research, marketing and administrative support services on offer to its independent members.

It will complement the IFA proposition already available through the current IAI International subsidiaries, by providing new and existing IFAs with an ongoing range of business and career development choices. The deal recognises that the marketplace for international financial advice will continue to consolidate and is a further commitment by IAI to become the recognised market leader in international financial services distribution.

OFS was established in 1982 as an IFA and grew to become a leading distributor of international independent financial advice to the expatriate community.

Resources

In 1996, following a strategic review, the company altered its focus to become a provider of administrative and marketing services to international IFAs, becoming one of the first international IFA networks.

OFS WorldNet currently operates a membership of over 70 international IFAs and is the largest international network organisation. Brian Cosgrave, CEO of Inter-Alliance International Group (Cyprus) Ltd, said: "The launch of Inter-Alliance WorldNet gives us the opportunity to combine the experience of OFS in the network market with the management and marketing resources of Inter-Alliance International.

"This will create an organisation of immense substance, making IAI the recognised market leaders in international financial services distribution."

Inter-Alliance WorldNet Managing Director Kevin Mudd said the partnership combined the strengths of the Inter-Alliance Group with the international network expertise of OFS WorldNet.

"I am particularly excited to offer new and existing members the opportunity to operate under the umbrella of an established UK PLC, to qualify for share options/practice buy-outs and to assist them in raising professional standards," he said. Added Keith Carby, Chairman and Chief Executive of Inter-Alliance Group PLC. "This joint venture with WorldNet affirms our commitment to creating the leading international financial advisory group."