Standard Life stakes claim on pensions and insurance

STANDARD LIFE STAKES CLAIM ON PENSIONS AND INSURANCE

Article date: 23/05/2005 : 15:10:55

Standard Life has announced that it is expanding its presence in the UK pensions and insurance distribution market by purchasing a stake in each of the top five or six independent financial advisers.

The insurer was originally seeking the most likely IFA to invest in, but has expanded its search to include "likely winners" in the IFAs marketplace.

Standard Life has previously resisted following life insurance rivals into the IFA market, but now intends to purchase stakes in independent firms, Scotland on Sunday reports.

The insurer is understood to have looked at Sesame at Witney; Millfield Partnership, Croydon; Tenet Group, Leeds; HSBC Trust Company (UK) at Southampton; AWD in London and Berkeley Berry Birch at Coventry.

Standard Life has not indicated when it will make a decision on its first IFA stake.

Insurers Norwich Union, Aegon and Scottish Widows, have all bought stakes in UK IFAs. Norwich Union has small holdings in six IFAs, Scottish Widows holds four separate stakes, and Aegon UK has 13, plus another five firms it owns outright through its Origen brand.

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