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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


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