View more on these topics

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.”

Recommended

Bankhall chiefs quit

Bankhall joint chief executives Paul Hogarth and Simon Taylor have quit, with managing director Peter Mann taking over with immediate effect. Hogarth remains as strat- egic marketing consultant at Bankhall while Taylor is leaving to pursue other financial services business opportunities, expected to relate to the mortgage and general insurance sectors. Hogarth and Taylor, two […]

LiverpoolVic aims at IHT planning

Liverpool Victoria is offering whole-of-life guaranteed premium life cover. The policy pays out a lump sum, with premiums guaranteed for the duration of the policy. Minimum premium is 5 a month and level or index-linked options are available. It features additional inheritance tax-guaranteed insurability options, which cover marriage, divorce, inheritance, and legal adoption of a […]

The frill of it all

Nicola York asks if clients want added-value services on critical cover or if they consider them to be fripperies that push up policy costs

PIMS pair quit to set up a new firm

PIMS linchpins Evie Owen and James Goad have left Richmond Events to set up their own business specialising in smaller financial events. OwenJames Events, will concentrate on functions such as adviser roadshows and bespoke work for IFA firms. The duo also hope to work with research partners as knowledge brokers for the industry. They have […]

Nigeria cover image - thumbnail

White paper — Nigeria International Insights

Jelf Employee Benefits closely examines healthcare provision and challenges within Nigeria. This will be of particular interest to HR decision makers with employees based in Nigeria, and assesses the environment, risks, facilities and safeguards that are relevant to organisations that are actively deploying expatriate staff in this location.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment