Lifetime insists its wrap service will continue to provide an adviser-focused product despite the Millfield group selling its 25% stake to Norwich Union for £9m. Norwich Union now has a 98% stake in the wrap provider.
Director of Lifetime Will Kinsman said the original selling point of the company, that it was launched in conjunction with advisers and not exclusively by a product provider, has not been jeopardised by the change of ownership.
"The company remains independent where it matters," he said. "Millfield is still a fundamental part of the business and played a key role in developing a business that has been conceived from an adviser perspective."
Lifetime, which offers Sipp, Pep, Isa and general investment wrappers under the brand name The Bigger Picture, is also planning the launch of an offshore bond later in the year. The wrap platform has developed 35 distribution channels since its launch in April and Kinsman insists that Millfield will remain one of them. Millfield sold its stake for £9m, after an initial investment of some £3.25m in 2002. The group said it would lead to a profit before tax in the region of £5.2m. A further £6m payment is possible over a period of four and a half years, provided certain targets are achieved.
Reasons to be cheerful
Total investment reaches £9m
Medium to long-term capital growth