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IFAs react to Old Mutual plans to buy Skandia

IFAs have been reacting to news that Old Mutual is in talks to stage a total buyout of Skandia.

Hargreaves Lansdown head of research Mark Dampier says: “Its quite a surprise. Im intrigued. Old Mutual are clearly a very ambitious financial services group, and taking Skandia would be quite a kill. It would give Old Mutual a bigger intermediary distribution network, and the ability to grow the unit trust side of their business which is currently relatively small compared to their institutional business. This is a case of trying to grow profits through economies of scale.”

New Life principal John Burnard, a Sesame member, says: “This is a very interesting development. I know Skandia has perhaps been struggling, but I dont know if I would welcome a take-over much because these buyouts generally make things worse, not better. It depends whether Old Mutual want to buy Skandia for its assets and then leave it alone, or if theyre using the buyout as a means to get access to the platform Skandia offers. Its not a situation Id particularly welcome, but that is the way things go.”


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