London-based intermediary firm Advisory and Brokerage Services Ltd has been bought outright by Aegon...
London-based intermediary firm Advisory and Brokerage Services Ltd has been bought outright by Aegon as the second of the life insurer's major IFA acquisitions.
A&B will become part of Aegon UK's new IFA distribution unit known as Aegon UK Distribution Holdings for an undisclosed sum, having held discussions with several life offices to find a preferred suitor.
This is Aegon's third IFA acquisition, along with Wentworth Rose and Millfield both announced last month.
Gareth Marr - formerly of Moores Marr Bradley - will remain as chief executive of A&B and maintain the company's own board of directors while Peter Dornan, managing director of the new Aegon division, will also join the A&B board.
A&B, which has been in operation since 1961 and currently employs 65 staff, including 29 Registered Individuals, specialises in the high net worth private client sector and as well as carrying a large amount of corporate client and SIPPs business.
In the year ending 31 October 2001, A&B had gross revenues of £4.6m after sharing commissions as well as bonuses and dividends of £906,000.
Commenting on the deal, Marr says:
"We chose AEGON after considering a number of different potential partners, but AEGON stood out because of their philosophy of decentralisation and their commitment to independent financial advice. This means that we can gain all the benefits of being backed by a financially strong company whilst still maintaining our own identity."
Bought plans in 1988 and 1989
To be added to model portfolio service
Launched 25 September