View more on these topics

GE scraps National Mutual in move into over-50s market

The National Mutual brand is to disappear following its takeover by GE Capital, with a new GE Life business being created for the advice-led over-50s market.

The new enlarged GE Life will be launched at the beginning of April and it will be offering NatMut&#39s income-drawdown and self-invested personal pensions&#39 expertise alongside its annuities, guaranteed bonds and equity-release products.

It aims to become a major player in the IFA channel and is also planning to introduce a new long-term care product by the end of the year.

Holding company GE Insurance Holdings chief operating officer Scott Dolfi will become chief executive of the new firm, with David Evans staying as managing director, responsible for marketing and distribution.

Current NatMut managing director Gavin Hill is taking up a position in GE Insurance Holdings as chief investment officer responsible for assets of £14bn and exploring new acquisition opportunities.

GE bought the specialist IFA-only drawdown and Sipp provider for £500m in July last year. After conducting research with IFAs, GE found the financial strength of its brand outweighed NatMut.

GE Insurance Holdings chief executive and GE Life chairman Clive Cowdery says: “We had been developing plans to organically grow in these product areas, so National Mutual provided a really neat fit for us. Now GE Life is a much broader-based, advice-led company.”

Recommended

Play a part in depolarisation summit

Money Marketing this week launches the first forum designed solely to help the IFA community shape its own future.The Money Marketing G80 summit on distribution aims to bring together 80 of the most influential IFAs in the country with the key product providers for a series of workshops and panel debates aimed at finding solutions […]

Hunt wants more time to talk on polarisation

Aifa chairman Lord Hunt of the Wirral has called for the polarisation reform consultation period to be extended, saying the FSA&#39s timetable is unrealistic.In a letter to FSA chairman Howard Davies, Lord Hunt says the short time that the FSA has set aside for consultation and implementation of reforms shows it is underestimating the scale […]

Abbey, HSBC and Halifax stand firm over dual pricing

Abbey National, Halifax and HSBC are refusing to follow Nationwide&#39s lead to compensate all borrowers affected by dual pricing on variable mortgages following the financial ombudsman&#39s ruling.Nationwide is calling on the ombudsman to take complaints further by involving the FSA where it feels individual cases may have wider implications.It believes there are another three million […]

Appointments at Royal London

Royal London has announced the appointment of Chris Ide as chief executive of its retail operations. Ide joined the mutual in late 2000 and has been leading the provider&#39s push into new markets and methods of distribution.Before Royal London, Ide headed up Swiss Life&#39s European division based in Zurich. Prior to that he was Swiss […]

China tech and Global Alpha: a new great leap forward

By Robin Geffen, Fund Manager and CEO

Internet giant Alibaba is exactly the type of entrepreneurial company that the high-conviction, top-performing Neptune Global Alpha Fund seeks to invest in. Established just 14 years ago in an apartment in Hangzhou, today Alibaba is larger than Amazon and eBay put together and is challenging some of the most powerful internet companies in the world…

Read more 


Important information

Investment risks

The value of an investment and any income from it can fall as well as rise and you may not get back the amount originally invested. Forecasts and past performance are not a guide to future performance. Some information and statistical data herein has been obtained from sources we believe to be reliable but in no way are warranted by us as to their accuracy or completeness. These are Neptune’s views and as such this document is deemed to be impartial research. We do not undertake to advise you of any change to our views.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment