Aegon UK, the parent company of Scottish Equitable and Aegon Asset Management UK, has just announced...
Aegon UK, the parent company of Scottish Equitable and Aegon Asset Management UK, has just announced it is taking a 50% stake in Wentworth Rose, the IFA firm.
Managed under new business division called Aegon UK Distribution Holdings, Wentworth Rose was acquired for an undisclosed sum and is the first of several acquisitions, says a spokesman for Aegon.
Moreover, the asset management and insurance firm also has an option to increase this holding in the Camberley-based IFA group.
All 98 staff, including 46 Registered Individuals, are expected to stay at Wentworth Rose's four offices, no major changes will occur and the unit will continue to operate as usual, say Scott White, Aegon UK Group PR manager.
Wentworth Rose's specialist area is in the pre and post retirement market so officials say the firm will now focus on growing its share of the corporate advisory market, following the recent expansion of its advisory team.
Wentworth Rose will retain its existing identity and have its own Board, says Aegon, and Philip Rose will remain as chief executive, however, Peter Dornan, director of group businesses for Aegon UK, will join the Board of Wentworth Rose.
Commenting on this morning's acquisition, David Henderson, Group Chief Executive, Aegon UK, says:
"This partnership with Wentworth Rose is Aegon UK's first significant investment in distribution capability and signifies a major strategic move by adding further scope to the existing business of Aegon UK.
"One of Aegon UK's strategic goals is to invest in distribution capability in the UK marketplace and we have a clearly defined strategy for such investment opportunities which will allow us to develop deeper and more flexible long term partnerships with distributors," he continues.
Philip Rose, Chief Executive of Wentworth Rose adds:
"Wentworth Rose is already acknowledged as a leader in the retirement advisory market and our plans include strong development in the corporate market. Being connected with the Aegon Group will provide us with a strategic partner able to give us the financial backing and support for further development. Aegon's philosophy of decentralisation allows us to continue to manage the company ourselves and gives us freedom on how to adapt to the new regulatory environment. We are now in an enviable position of being able to continue to recruit top-flight advisers to help meet our aspirations," adds Rose.
White says Aegon plans to acquire firms similar to Wentworth Rose.
Wentworth will be required to prove to clients, under FSA "better than best" rules, that any Aegon product they recommend is clearly better than any other in the market they could recommend.
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