Phil Young, managing director of adviser support services provider threesixty, has stepped down from the board of Sense Network after the company sold its 15 per cent ownership of the company to Steve Young, commercial director of Sense.
Tim Newman, managing director of Sense, said: “Sense commercial director Steve Young has completed the purchase of the Sense shares held by Threesixty.
“As a consequence of the transaction, Phil Young will no longer be a director of Sense and he leaves with our thanks for his wise counsel and guidance.
“Our relationship with threesixty remains extremely strong and they will continue to supply us with high quality compliance support in the future.”
This Autumn (9 October), threesixty bought a 25 per cent stake in outsourced paraplanning firm The Timebank.
Mr Newman added: “There is no change to our plans to create a high quality IFA network and support services business. Steve has been a Director of Sense since January of this year and has played a full part in creating our current business plan.
Following this transaction, Sense will be one of the few network businesses which is committed to independence and which is 100 per cent independently owned.”