Openwork partners take controlling stake after Zurich 'separation'

Insurance giant divests 25% shareholding

Julian Marr
clock • 2 min read

Zurich has divested its 25% shareholding in Openwork, meaning the UK's largest financial advice network is now majority-owned by the Openwork Partnership LLP, which represents member firms.

The culmination of a strategy set out by Zurich when it created Openwork in 2005 will see the latter's employees retain a minority shareholding through an employee benefit trust. Openwork chief executive officer Mark Duckworth said: "In February 2016 we announced the partners would become Openwork's majority shareholder within four years and we have been working hard to prepare the business for everything that separation entails. "The fact we have reached this milestone two years early should give everyone connected to Openwork huge confidence and optimism." Mark Duckworth: How Ope...

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