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Aegon &#39in talks to buy Scottish IFA&#39

Aegon is rumoured to be in talks with Bradford & Bingley to buy Charcol Aitchison & Colegrave.

B&B put its three IFA businesses – Charcol, Charcol Aitchison & Colegrave and Charcol Holden Meehan – up for sale last month along with its estate-agency arm.

The move followed a strategic review after chief executive Christopher Rodrigues quit in March.

Money Marketing revealed last week that a management buyout could be on the cards for mortgage IFA Charcol and reports now suggest that Aegon could be a potential bidder for Charcol Aitchison & Colegrave, the biggest IFA in Scotland with 20 registered individuals.

Aegon, viewed as an acquisitive player in the advisory market, merged its five IFAs – Advisory & Brokerage Services, Wentworth Rose, Aurora Financial Group, Momentum Financial Services and Elliott Bayley – to form 200-RI operation Origen in May.

Bradford & Bingley spokeswoman Siobhan Hotten says: “We are very much at the start of the sales process and have no deals at any stage. We do not comment on market speculation.”

Aegon says it cannot comment on market speculation.

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