LV= and Royal Liver in merger discussions
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LV= and Royal Liver are in discussions regarding a possible merger, according to the Mail on Sunday.
The report suggests that talks have been ongoing for weeks and explain why Royal Liver chief executive Steve Burnett left the firm in August. Chairman David Woods is currently acting chief executive. The merger would create a mutual with around £10bn in assets.
Royal Liver recently announced its intention to dump loss-making IFA firm Park Row.
Park Row’s last accounts show a £7.4m loss for 2008 compared with a £8.2m loss for 2007 and includes auditor concerns that it may need further support from Royal Liver, depending on an ongoing FSA investigation into the firm’s systems and controls.
Talks to transfer Park Row advisers to 2Plan Wealth Management broke down earlier this month and advisers are being offered the opportunity to join Tenet or Personal Touch.
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