View more on these topics

MGM Advantage to rebrand under new name

Business-Handshake-Finance-Deal-700.jpg

Retirement income firm MGM Advantage is to undergo a rebrand including a name change as the company attempts to break from its reputation as an annuity provider, Money Marketing can reveal.

In January last year MGM bought equity release provider Stonehaven. It is expected MGM and Stonehaven will merge under a single new brand in the next few weeks.

In November last year, MGM announced it was entering the drawdown market, with a proposition that combines annuities and flexible access in one product.

The Retirement Account is due to be launched in the autumn.

Following the 2014 Budget, the firm cut 80 roles in anticipation of a drastic fall in annuity sales.

MGM Advantage was sold to private equity firm TDR Capital in February 2013, creating a new life company in the process. However the mutual society was not part of the deal and reverted to its original name, the Marine and General Mutual Life Assurance Society.

MGM declined to comment on the rebranding.

Recommended

Cash-Money-Currency-GBP-Pounds-700.jpg

MGM launches ‘money back’ annuity

MGM Advantage has expanded its range of annuity guarantee options to address customer concerns about what happens to their pot after they die. Customers will now be able to buy an annuity with a guarantee period up to 30 years – previously products were restricted to a maximum of 10 years – and value protection […]

Business-Handshake-General-Hire-Appointment-700x450.jpg

Former L&G annuities boss Tim Gosden returns to MGM

MGM Advantage has recruited former Legal & General annuities boss Tim Gosden to develop and market the provider’s post April retirement proposition.  Last month, Money Marketing revealed Gosden had left L&G as part of a restructuring exercise. L&G pensions strategy director Adrian Boulding has also left the company. MGM product and marketing director Peter Carter says: […]

Wells Street Journal: MGM adopts Big Brother tactics for sales team

It seems annuity provider MGM Advantage has been forced to go to extreme lengths to keep track of its roaming sales teams, adopting tactics more akin to the evil Big Brother in George Orwell’s 1984. News reaches WSJ that disgruntled sales teams have been told their cars will be fitted with mysterious ‘black box’ devices. […]

Business-Handshake-Finance-Deal-700.jpg

MGM Advantage recruits former MetLife director Peter Carter

MGM Advantage has hired former MetLife director Peter Carter as head of product. Carter was previously product marketing director at MetLife, where he was responsible for developing the firm’s guaranteed product range. In his new role Carter will focus on developing MGM’s existing products. He will report to MGM Advantage chief operating officer Craig Fazzini-Jones. […]

'Feeling the Squeeze'

Royal London carried out a UK wide survey with 2,500 consumers age 35-44 over the summer. The survey found that over a third, 34 per cent, said their finances felt Squeezed and so were struggling to meet day-to-day expenses, despite 87 per cent being aware that they need to save more. However, the survey did […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment