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Aegon widens IFA reach with Aurora deal

Aegon UK has further extended its reach into the IFA world, buying up all of Kent-based Aurora Financial Group.

The firm already owned a 9 per cent stake in Aurora which it bought last January but in a deal sealed this week, it has bought out the whole company. It already has majority holdings in five other IFAs.

Aegon UK chief executive David Henderson says the move marks the end of stage one of its strategy of taking up majority stakes in IFA firms, saying it is unlikely that there will be any more substantial acquisitions.

He says stage two consists of focusing on making back-office systems more efficient in each of the companies.

Henderson says each acquisition has been made on the basis of the firm&#39 specialised relationships and product expertise.

David Taplin remains Aurora chairman and joint chief executive with Robert Rackliffe. Aegon says the company&#39s independent status will not be affected.

Aurora is based in Canterbury, with offices in London and Sidcup, employing around 100 staff, including 40 RIs, and was formed by the July 2002 merger of Jackson Bat-ten Financial Holdings and Advisory & Financial Planning Services.

Taplin says: “We like their strategy and what they have done with the other IFAs. This is going to allow us to expand areas of our business such as healthcare, mortgages and developing our professional connections business.”

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