Scottish Widows eyes Zurich platform acquisition

Sources say announcement could come in a matter of weeks.

Magnifying-Glass Scottish WidowsScottish Widows is considering buying Zurich’s platform, Money Marketing understands.

A potential deal could be announced in the coming weeks, sources say. It would see Zurich UK Life become a protection-focused business.

Zurich launched its platform in 2013. According to Platforum data it has grown from £7.7bn assets under administration in the fourth quarter of 2013 to £23.9bn in first quarter of this year.

The platform has a mixture of workplace and advised assets with the majority held in the pension wrapper. It is backed by technology provider FNZ.

Spokesmen from both Zurich and Scottish Widows say they do not comment on market speculation.

Yesterday, reports emerged that Scottish Widows parent Lloyds Banking Group is looking to expand its range of pension and investment solutions and plans to roll them out to more customers as part of the bank’s three-year growth plan.

In recent months, Scottish Widows and Standard Life have also been linked in a potential deal.

In January, Zurich announced it was merging its UK life and general insurance teams resulting in 240 job losses.

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. i westminsterwills.co.uk 14th August 2017 at 7:55 pm

    Interesting with Aberdeen Sub Standard Life eying Scottish Wiodws ? Whose looking at you Babe ?

  2. It seems the long overdue consolidation of the provider/platform sectors is now underway. The UK is unique in the current level of fragmentation in these sectors.
    Taken to its ultimate conclusion will inevitably lead to the question of the relevance of independent advice in the future.

  3. Owned by relatively unknown Spanish Bank Scottish Widows purchasing Zurich ? Is this the Spanish Insition or Spanish Acquisition ? Santander /Abbey National Provincial etc.,

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