Press Releases

Portfolio International
September 2004
Millfield merger: IAI unaffected

Inter-Alliance International's (IAI) group business will not be affected by the merger between its parent Inter-Alliance and the Millfield Group.

That was the message from Brain Cosgrave, CEO of the international brokerage firm.

The merger, which is subject to shareholder approval by both IFA groups and approval by the UK's financial regulator the FSA, will cre­ate the largest IFA firm in the UK.

"We are creating a financial services distribution company with the scale, financial resources, tech­nology and team required in the new economic, political and regulatory environment in which we operate," said Millfield Group chief executive Paul Tebbutt.

IAI's business in the past two years has been profitable through organic growth. In the first seven months of this year IAI's business was up 107 per cent compared to the same period as 2003. At the end of July, Inter-Alliance WorldNet accounted for 55 per cent of IAI group's rev­enues, compared with 25 per cent in the first half of 2003.

IAI plans to grow its business fur­ther by entering the European and South African markets in 2005, which are both undergoing regulatory changes that will make them attrac­tive to IAI.

"It's our intention to leverage as far as possible in the international marketplace all the benefits that arise from the merger of Inter­Alliance and Millfield in the UK," concluded Cosgrave.