Scottish Friendly completes Canada Life pension book acquisition

AUM increase by £2.4bn

Sophie King
clock • 1 min read

Mutual Scottish Friendly has completed the acquisition of a back book of life and pension policies from financial services provider Canada Life.

The deal has seen its assets under management (AUM) increase by £2.4bn to more than £5bn. Its membership has increased by some 127,000. Scottish Friendly said it would ensure all transferring customer policies received the "highest standards of care" during the transition period. The companies first announced the deal to sell the closed book of business in June last year. Scottish Friendly chief executive Jim Galbraith (pictured) said: "This is a landmark acquisition for Scottish Friendly and helps to consolidate us as a leading mutual and a significant player in UK financial servi...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Companies

Investment platform TILLIT to shut down

Investment platform TILLIT to shut down

No new accounts can be opened and it will close on 12 September

Sorin Dojan
clock 26 June 2025 • 1 min read
First Wealth on hunt to acquire like-minded financial planning firms

First Wealth on hunt to acquire like-minded financial planning firms

Follows significant financial backing from Marlborough

Jenna Brown
clock 24 June 2025 • 5 min read
Openwork in growth push with partner firm Milecross acquisition

Openwork in growth push with partner firm Milecross acquisition

Makes first investment into one of its partner firms

Jenna Brown
clock 19 June 2025 • 2 min read