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Aegon takes over Marr firm and looks for more pension businesses

Aegon has swooped for another IFA, acquiring 100 per cent of London-based Advisory & Brokerage Services.

A&B has 29 RIs and is looking to expand by buying smaller firms. It will continue to be run independently under chief executive Gareth Marr.

The Dutch insurance giant dipped its toe into distribution in June by buying half of Wentworth Rose.

Aegon UK group chief executive David Henderson says he is looking to acquire up to 10 IFA pension specialist businesses by the end of the year as part of “phase one” of its strategy, followed by organic growth or other acquisitions.

Aegon will still take defensive shares in other IFAs.

A&B will not do business with Aegon-owned Scottish Equitable because of the current better than best rules but it will do incremental business.

Marr says: “There is a short-term opportunity for other providers to make hay with us but this just shows how committed Aegon are to the long haul.

“I am now looking to recruit IFAs and purchase some small IFA firms that may be too small for Aegon but fine for us.”

Henderson says: “I am looking to have a portfolio of about 10 IFA firms with expertise in pensions by the end of the year. I expect them to remain independent – the Aegon style is very decentralised.”

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