Aegon UK has acquired the independent advisory business of Elliott Bayley for an undisclosed sum, it...
Aegon UK has acquired the independent advisory business of Elliott Bayley for an undisclosed sum, it was announced today.
Elliott Bayley – a specialist IFA based in Kingston – currently employs 43 staff, including 11 Registered Individuals.
The IFA firm will become part of Aegon UK's Distribution Holdings, however, it will retain its position as an independent adviser and its current identity.
Chris Cotton remains managing director of Elliott Bayley, while Aegon UK Distribution's managing director Peter Dornan joins its board.
David Henderson, Aegon UK group chief executive, says the acquisition will – combined with its other IFA firms – put the group in the top 10 IFA distributors in the UK.
"I am delighted to welcome Elliott Bayley to the AEGON UK Group. This acquisition completes our target for our first phase of distribution activity. Like all of our other distribution businesses, Elliott Bayley's status as an independent financial adviser will not be affected. It will continue to trade as an independent entity with its own brand while now having security and stability to further develop its business," Henderson says.
Elliott Bayley is also pleased with the acquisition, and according to managing director Chris Cotton, the company sees it as a "win, win, win" situation for both itself and Aegon UK as well as for its clients.
"I am delighted to be joining the Aegon UK group. We have been looking at a number of options for the development of the business over the last 18 months and believe that our ambitions and hunger for further success are closely matched with those of Aegon UK," Cotton says.
‘In the know’
Owen to pay £3m
Lasting power of attorney
Three risk profiles
Caused by falling oil price