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Millfield sells its 25% stake in Lifetime to NU

Millfield has sold its 25 per cent stake in the Lifetime wrap to Norwich Union for 9m, with an extra 6m potentially payable if targets are met.

Millfield was one of the original investors in Lifetime in 2002, ploughing 3.25m into the platform. The deal now values the platform at 36m.

NU’s stake has increased from 71.3 per cent to 97.4 per cent and its total investment is now 32m.

Millfield chief executive Paul Tebbutt says it was always the firm’s intention to sell its stake in Lifetime as it did not have the cash to continue funding it.

Its advisers will receive 50 per cent of any extra payment – up to 6m – that will be paid by NU after four-and-a-half years if targets are achieved.

Tebbutt says he felt the wrap was being affected by its association with the IFA and the deal will allow Lifetime to be more attractive to distributors.

He says: “We are really pleased with the deal and the huge profit made in such a short time.

“Up to 50 per cent of the potential extra 6m will be shared with our advisers. Will Tenet be sharing the money it got from Standard Life with its members?”

NU distribution director David Barral says: “This additional investment further reinforces our commitment to establishing Lifetime as a leader in the developing wrap marketplace.”

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