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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.

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