View more on these topics

Colonial set to take over GAN salesforce

Colonial is set to buy GAN Life&#39s 800-strong direct salesforce for an expected seven-figure sum.

The move comes two weeks after GAN Life was bought for £300m by the Life Assurance Holding Corporation, the vulture fund set up by Sir Mark Weinberg in 1994.

Last week, Money Marketing revealed that LAHC was in talks with a life office to sell the salesforce.

Colonial has a UK salesforce of 400 and £3.8bn of funds under management. It is one of a few life offices committed to expanding its direct-sales operation. It also laun ched into the IFA market last August.

Colonial, which is thought to have been a bidder in the race to buy GAN Life, failed to buy Albany Life last year.

Colonial refused to comment on a possible deal. LAHC and GAN Life were unavailable for comment.

Recommended

Homeloans hold key to future

Mortgages will become the most important financial services product and IFAs neglecting this area will find themselves squeezed out by other aggressive players, such as banks, building societies and supermarkets. Far-fetched? Nick Baxter, partner at Bridge Baxter, the High Wycombe-based IFA company, thinks not. As spokesman for IFA Mortgages, part of the IFA Association, he […]

Neill Clerk focuses on film-finance project

Neill Clerk Capital is launching Take One, the first public film-financing project since the July Budget. UK film-finance projects now qualify for a 100 per cent tax benefit. Take One will produce and acquire TV productions. The projected rate of return for the group is about 25 per cent a year. The offer is limited […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment