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Aegon set to add to IFA holdings with Tenet stake

Aegon is looking to join Friends Provident and Norwich Union in taking a stake in IFA network The Tenet Group.

It is understood that Aegon is in the early stages of negotiations to take around a 10 per cent stake in the group, similar to that of Norwich Union and Friends Provident, which both paid £9.5m last year for just under 10 per cent each. It is believed that Scottish Widows and Skandia have also shown interest in the group.

The deal would add to the string of investments made recently by Dutch company Aegon, which already has a 2.5 per cent stake in Millfield, 50 per cent in Wentworth Rose, 100 per cent in Advisory and Brokerage, 100 per cent in Momentum, 9.9 per cent in Berkeley Berry Birch, 9 per cent in Lighthouse, 60 per cent in Positive Solutions, 9.9 per cent in Personal Touch, along with a stake in Aurora.

Aegon and The Tenet Group decline to comment.

Commerzbank insurance analyst Roman Cizdyn says: “Aegon has a clear policy of pursuing this type of thing. It is not all that surprising. There is a polarisation between those like the Pru and Legal & General who just refuse to do this sort of thing and those that seem to be more pro such as Aviva and Aegon.”


The gilt complex

In my last article, I started to look at the importance, for advisers and their clients, of identifying asset allocation within with-profits funds to help estimate likely future sustainable rates of bonus. I looked specifically at the important example of Equitable Life, whose with-profits fund, at least until recently, consisted of around 80 per cent […]

Crossed lines

The article headlined, IFAs could save £5m on phone bills (Money Marketing, August 21) misreported BT&#39s research. Deloitte & Touche found that BT&#39s business customers would save £144m a year if they switched from the average best rates of BT&#39s competitors to BT Business Plan, which could mean IFAs saving £5.4m. D&T&#39s point was that […]

Societies hit 14-year loan high

Building society gross advances hit £4.2bn in July -the highest figure since August 1988. The figures represent a substantial rise from June&#39s gross advances which totalled £3.94bn and £3.6bn in July last year. Net advances were £1.58bn in July, up from £1.22bn a year ago, while approvals rose to £4.29bn from £3.79bn. Net inflows remain […]

Charcol Holden Meehan staff sacked for sexual and violent emails

A 37-year old personal assistant has received £10,000 compensation from Charcol Holden Meehan after finding out her colleagues were sending emails of a violent and sexual nature about her. The firm has sacked one male and one female member of staff for sending the offensive emails and disciplined seven other staff members who received them.

Guide cover

Guide: Johnson Fleming produces auto-enrolment checklist

For a job as big as managing the auto-enrolment changes, it’s important to know what has been completed and what still lies in front of you to give you the reassurance that everything is in hand. Getting the planning and project management right at the outset can help you see the path ahead and ensure everyone knows their roles and responsibilities. To help with this, Johnson Fleming has produced a checklist outlining every step that needs to be taken when preparing for auto-enrolment.


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