View more on these topics

Aegon pays out £1m for 9.2% stake in Lighthouse

Aegon is continuing its distribution purchases by taking a 9.2 per cent stake in national IFA group Lighthouse worth £1m.

At an EGM this week, the Aim-listed IFA also approved a similar stake taken by Skandia, announced last month, for £1.2m.

Lighthouse has so far attracted 170 of Canada Life&#39s recently offloaded direct salesforce of 200 on to its books.

Lighthouse says funds raised will be used as part of the company&#39s recruitment drive.

Aegon has a twin strategy of buying IFAs outright and taking strategic stakes. It has bought IFAs Advisory & Brokerage Services and Momentum Financial Services, has a 50 per cent stake in Wentworth Rose and a stake in Assureweb.

Lighthouse chairman David Hickey says: “This is the third strategic deal that we have concluded in as many months.

“We are, I believe, extremely well positioned to continue improving our financial performance and are continuing to look for opportunities to take further advantage of the changes occurring in the IFA sector.”

Aegon UK head of public affairs Scott White says: “The key thing is our confidence in the businesses in their own right. Each are growing business entities and will have capital to back their business plans. We are still looking to get up to the optimum level of IFAs.”

Recommended

Skandia appoints John Clougherty as sales director of mutual funds business

Skandia has appointed John Clougherty as sales director of its soon-to-be-launched mutual funds business. Clougherty, formerly of Merrill Lynch, will report to Skandia Oeic business managing director Jamie MacLeod, appointed in July. Clougherty&#39s appointment comes hard on the heels of Spike Hughes from Hargreaves Lansdown and Clive Hale from John Scott and Partners joining its […]

Talkback

“Yes, because there was a failure to monitor its position, which was down to the DTI and therefore the Government.”John Simpson, Smith & Pinching Financial Services “No, why should the British taxpayer subsidise the poor management of an insurance company?”Howard Cook, Talbot Insurance Services “No, if they do it for Equitable they will have to […]

School of thought

Sometimes, the financial services industry seems to be under siege from all sides. Often, the policy response to such challenging times is short term.The public pressures politicians for quick-fix solutions. Often, long-term strategies are crowded out of political debate. However, it is just such long-term and fundamental policies and, specifically, investment in financial education which […]

Fund firms get freedom mix

Unit trust and Oeic managers will see the majority of new funds launched classed as mixed funds, allowing them greater freedom in investing under new FSA rules on classification of asset classes.Most new funds after November 1 will be classified as mixed funds and will be allowed to hold a greater mix of assets including […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment