Standard Life has expanded its position in the financial services distribution market with the purchase of a 10% share in IFA support services firm Simply Biz.
This is the second such shareholding for the life insurer, following the acquisition in July 2005 of a stake in Tenet as a “significant minority shareholder”.
Trevor Matthews, chief executive of Standard Life, says the deal is part of its continued distribution strategy development.
“This is another important step in the ongoing development of our business and we are delighted to be associated with a company of Simply Biz’s standing in the industry. Given the quality of their proposition, management team and track record of delivery we believe this represents an excellent investment. We believe the future for Simply Biz is a bright one.”
A spokesman for Standard Life says the firm will consider acquisition opportunities as they arise, but the life insurer is “not in a great pursuit” to buy IFA firms or similar support services.
Having been launched over three years ago, Simply Biz now provides compliance and business support services to over 1,500 IFA firms and some 3,000 individual advisers nationwide.IFAonline
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