Standard Life has offloaded its 20% stake in advice firm RSM Bentley Jennison.
The provider sold the minority holding back to the company in the summer following its £76m acquisition at the end of last year by Tenon. The business now trades as RSM Tenon.
Standard Life now no longer part-owns any IFA business after this week agreeing to sell its 15% stake in national IFA 2plan to Openwork.
Distribution director Stephen Ingledew yesterday told IFAonline the company wanted to put "clear blue water" between itself "as a provider" and the delivery of professional advice.
"We took a long, hard look at our distribution strategy last year and, with RDR round the corner, we came to the conclusion that we did not want to own or part control any IFA business," he said.
"We do not want to have the same approach as Aegon (which owns national IFAs Positive Solutions and Origen)."
Standard Life acquired the minority stake in RSM Bentley Jennison for an undisclosed sum in December 2008.
At the time, Ingledew said: "Over the next few years we expect to see significant developments in the UK distribution landscape and believe this investment will leave us well placed to benefit from future change."
Joined as head of strategy, multi asset, in June
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