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Canada Life moves into fund business

Canada Life is aiming to strengthen its presence in the IFA market with a new asset management business.

The company enters the market in April and will focus on equities and property investments, targeting IFAs and institutional investors.

It will offer IFA clients access to a range of managed funds although the first products available to IFAs will be a unit-linked single-premium investment bond and a flexible product bond.

Unit trusts and Isas will follow later this year.

Canada Life manages £8bn in funds but is not currently renowned as a fund manager.

Further details are expected later in the year when the brand name will be revealed.

Business development manager (savings and investment) Simon Little says: “We want to enhance our profile and product range in the IFA market. The new company will spearhead our growth in that section of the market.”

IFA Pensions & Investment Management principal Phil Moore says: “Canada Life will have to do something similar to established players like Skandia or Axa to make a difference to my business.”

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