Abbey in bid to create single IFA division

The Abbey National group of companies has created a single IFA division as a first step towards developing a unified UK intermediary sales platform.

The move comes as the group has created a fund management division by merging Abbey National Asset Managers, Talorcan, the recently established hedge fund in Glasgow, and Inscape's fund management capability.

The two moves follow the creation of a single weblink for the group of companies, and the launch of Abbey National's FundsCentre, a retail fund supermarket, and James Hay's pension fund supermarket.

The structure of the IFA sales division has yet to be decided, however, it will be headed up by Ambrose McGinn as director sales and marketing. It will market the products of Scottish Mutual, Scottish Provident, Cater Allen, James Hay and Abbey National intermediary mortgages.

The product types brought together under the single sales platform are investments, pensions, trusts, Sipps, private banking services, general insurance, protection as well as offshore investments and investment bonds.

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