Lowes in talks to acquire SPGO
Lowes Financial Management is in talks with WH Ireland to acquire structured product platform SPGO.
Former Barclays Capital structured product specialist Phil Taylor and former Royal Bank of Scotland vice president of structured products for the UK Ben Murison launched SPGO in September 2011. It is owned by parent company WH Ireland.
Taylor and Lowes managing director Ian Lowes refused to disclose the number of clients or the assets on SPGO, or the value of the deal.
Lowes launched structured product platform SPwrap.com in October through a joint venture with Meteor Asset Management. Lowes also runs comparison site StructuredProductReview.com.
Lowes says: “We are in talks to acquire structured product platform SPGO. We expect talks to conclude very soon.
“There are aspects of the SPGO software such as the secondary market trading tools and Sipp solutions that may be useful for SPwrap.com users, as well as for some of our in-house software solutions.”
Lowes says existing assets on the SPGO platform are likely to continue to be administered by WH Ireland.
AISA Professional Chartered Financial Planners senior financial adviser Geordie Bulmer says: “Lowes would do well to purchase SPGO because there is definitely a market for secondary trading of structured products.”
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