View more on these topics

Aegon opens IFA account in swoop for Wentworth Rose

Aegon UK has kicked off its new strategy of buying IFAs by taking a 50 per cent stake in retirement specialist IFA Wentworth Rose with an exclusive option on further shares.

A new company – Aegon UK Distribution Holdings – has been set up to take stakes in IFAs. Aegon, which owns Scottish Equitable, says more deals are in the pipeline. It will make separate ad hoc investments with other providers in IFAs.

Under the terms of the deal, no rival can buy shares in the Surrey IFA, which will look to double its 46 RIs. As the size of the holding is over the 10 per cent better than best limit, Wentworth Rose will approach the FSA for a rule waiver.

KPMG corporate finance partner Richard Clarke, who advised Wentworth Rose, says the size of the share will lead other life companies to consider increasing the size of their holdings in IFAs.

Wentworth Rose chief executive Philip Rose says: “The autonomy that Aegon will allow us is very attractive. The deal allows us to look at CP121 flexibly. Part of the business could become multi-tied, depending on the rules.”

Aegon UK chief executive David Henderson says: “One of Aegon UK&#39s strategic goals is to invest in distribution capability in the UK marketplace and we have a clearly defined strategy which will allow us to develop deeper and more flexible long-term partnerships with distributors.”

•Profile, p35

Recommended

Schroders alpha fund mixes stock selection

Schroders has introduced the UK alpha plus fund, a unit trust which invests in a concentrated portfolio of between 20 and 40 UK stocks.The fund aims to produce capital growth by adopting a mixture of top-down and bottom-up approaches to stock selection. The fund manager, Richard Buxton, will use top-down methods to identify which sectors […]

New chairman for Ilag

The Investment and Life Assurance Group has announced its chairman for 2002-2003 will be Veronica France owner of the business Oak Consultancy. France takes over from outgoing chairman Bill Tonks of Nationwide Building Society. She has been a member of the trade body since the mid 1980s, chairman of its regulations committee in the early […]

FSA aids investors on derivatives

Scrutinised derivatives will be available to retail investors in the UK for the first time under a new regulatory framework proposed by the FSA. Following consultation, the regulator will implement listing and conduct of business rules, which cover firms&#39 disclosure and risk warnings, for derivatives on August 1. The FSA believes there is potential for […]

Selestia adds property to website

Selestia has added property to its multi-manager proposition and announced two new property funds will be available from Norwich Union and Edinburgh Fund Managers to its website.The new funds will be available from this week and can be accessed through Selestia&#39s investment account, investment bond or offshore collective investment bond.It has chosen NU and EFM&#39s […]

Harris Associates' view on the UK’s vote to leave the EU

By David Herro, Partner, Deputy Chairman, Portfolio Manager and Chief Investment Officer of International Equity at Harris Associates Britain’s vote to exit the European Union has led to significant uncertainty across global markets. We believe market impact of this uncertainty, though severe, is more of a shorter-term phenomenon which will provide an opportunity for long-term […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment