Aegon UK is buying a 9 per cent stake in Aurora Financial for an undisclosed fee, bringing the number of its acquisitions and strategic investments in IFA firms to nine.
Aurora, formed from the merger of Jackson Batten and Advisory & Financial Planning Services last July, specialises in employee benefits and has 38 RIs.
Aegon UK's fee for the stake in the company rem-ains undisclosed, with an option to take a bigger stake left open.
The deal is part of a string of buys aimed at building a framework of IFA distribution for Aegon's products across the UK.
Companies so far acq-uired by the group include Advisory & Brokerage, Momentum and Positive Solutions. Aegon has stakes in Berkeley Berry Birch, Lighthouse and 50 per cent of Wentworth Rose.
Aurora chairman and joint chief executive David Taplin says: “Aurora will retain its existing identity and have its own board which will include Peter Dornan managing director of the Aegon business unit.
“The deal will provide some extra capital to progress and we are looking to increase our RIs to 56 over the next 12 months.”