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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.”

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