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...

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

Hoxton Capital AUM tops £1.3bn with double IFA acquisition

Hoxton Capital AUM tops £1.3bn with double IFA acquisition

Dudley and Guildford-based IFAs purchased

Isabel Baxter
clock 17 April 2024 • 1 min read
Tatton sees AUM reach £17.6bn as advice firm numbers grow

Tatton sees AUM reach £17.6bn as advice firm numbers grow

Discretionary fund manager records net flow increase of 28% to £2.3bn

Isabel Baxter
clock 16 April 2024 • 2 min read
New online platform launches for care-related advice

New online platform launches for care-related advice

To meet Consumer Duty and vulnerability regulatory expectations

Isabel Baxter
clock 16 April 2024 • 2 min read