Aegon is buying the remaining 50 per cent stake in Wentworth Rose in a deal which sees founding director Philip Rose leave by mutual consent after 15 years with the firm.
Aegon agreed an option to buy the remaining share when it bought half of Wentworth Rose in June 2002 for an undisclosed sum. Rose steps down as chairman at the end of the month and hands over full control to Tudor Taylor, who took over as chief executive in September 2003.
Rose shares an undisclosed eight-figure sum equally with co-founder Ray Peyre who together founded the company in an office in Ascot in 1989.
Wentworth Rose increased its presence in the at-retirement market in the late 1990s with annuity service deals with the Telegraph, Mirror and Scotsman newspapers.
Rose, 50, is planning to travel around the world for a year enjoying his hobbies of skiing, sailing and horse riding, after which he plans a new role outside personal finance. He says: “Ray and I spent over 15 years taking the firm from nothing and making it into a fully fledged distribution arm. It can now move on to become a full part of the IFA distribution operations of Aegon.”
Aegon UK Distribution managing director Peter Dornan says: “This further investment in Wentworth Rose is a mark of our confidence in the firm and of our commitment and confidence in the IFA sector. We wish Philip well in the future.”