Lloyds Banking Group has acquired Zurich's UK workplace pensions and savings business, which it said would accelerate the development of its adviser-based offering.
The acquisition added more than £15bn assets under administration and 500,000 customers to the business. It will see Zurich gain exclusive distribution rights for group life protection to certain corporate clients of Lloyds' commercial banking services. Lloyds said it planned to boost subsidiary Scottish Widows' workplace savings platform. The firm manages more than £124bn of funds, of which £35bn is workplace pensions business. It also intends to provide a flexible investment capability to support advisers to create bespoke client investments and access assets not previously avai...
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