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MGM looks to add its products to platforms

MGM Advantage is in talks to make its products available via platforms in 2013, Money Marketing understands.

The mutual insurer currently does not have a platform presence but is understood to have held recent discussions with a number of platforms.

Money Marketing understands Transact has held the most detailed talks with MGM, which mainly provides enhanced annuities and investment-linked annuities with minimum guarantees.

An MGM spokesman says: “As an innovator in the retirement income market it should come as no surprise we are always in discussions with the industry about our propositions.”

Transact declined to comment.

The Lang Cat principal Mark Polson says: “The next step for many platforms is looking to see what other wrappers they can add.

“The MGM Flexible Income Annuity, being investment-backed, is an intuitive fit with the platform market and I can see it working really well.

“It would give clients and advisers more control and keeps AUA on the platform for longer, so everyone wins.”

In July, MGM announced it was considering sale options with a potential £200m price tag touted.

Investment bank Evercore was appointed to seek potential buyers for the firm, which has more than £1.9bn of funds under management.

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  1. Sounds a good idea. I haven’t used the MGM enhanced annuities for clients yet (simply as not found a client who it would be appropriate for), but I do have clients who it may suit in due course, who want an investment linked a annuity in 5 or 10 years time, but have impaired life issues, we are considering which wrap or platform will best suit them for the next 5 or 10 years and knowing which these MGM products are likely to be on sooner rather than later will mean less change for the client (hence keeping cost of change down)

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