Standard Life has bought a 25 per cent stake in IFA support service provider Threesixty.
Standard says the transaction, for an undisclosed sum, is an investment opportunity and Threesixty is adamant it will not affect its independent status.
Threesixty is the fourth distribution company Standard has bought into. It has a10.7 per cent stake in SimplyBiz, 20 per cent in Tenet and 15 per cent in start-up national IFA 2Plan but says it has no further acquisitions lined up.
Standard will take more of a hands-off approach with Threesixty than its other deals and will not take a seat on the board. Managing director, sales, Nathan Parnaby says: “This is a good business with a strong management team. We are seeing this purely as a commercial deal that will give us a good return.”
Cheshire-based Threesixty says the cash raised will be used to improve member services but has not given any details.
Partner David Brattesani says: “We have had approaches in the past from providers but none that have been right for our advisers or the firm.
“Standard Life will not take a seat on the board but it will take shares. This will not affect our impartiality for our advisers. In fact, we took Standard off our protection panel only a few weeks ago.”