Norwich Union has today signed an agreement to increase its investment in Lifetime Group Limited’s wrap platform. This investment increases Norwich Union’s stake in Lifetime from 7.4% to 49.9%, making it the largest shareholder alongside Millfield, one of the UK’s leading advisory groups.
Norwich Union has today signed an agreement to increase its investment in Lifetime Group Limited’s wrap platform. This investment increases Norwich Union’s stake in Lifetime from 7.4% to 49.9%, making it the largest shareholder alongside Millfield, one of the UK’s leading advisory groups.
This financial backing from Norwich Union will enable Lifetime’s wrap proposition to be developed further and launched into the IFA marketplace in the next six months. In addition, the structure of the agreement gives Norwich Union the ability to make further investments in Lifetime in the future. Discussions are also underway to bring in other shareholders into Lifetime to create an industry platform.
Robert Fletcher, Norwich Union’s director of distribution strategy, said: "Norwich Union offers a wide range of products and services through a range of distribution channels and we see wraps as complementary to these. We see wraps as playing an important role in the development of the advisory market going forward. Our investment in the Lifetime wrap platform is an important part of our longer term planning. We look forward to working with Lifetime and other shareholders to ensure the success of this venture."
Jeremy Bradburne, chief executive of Lifetime, said: "We are delighted to have completed the agreement with Norwich Union. It allows us to complete the development of providing an on-line, real time platform offering attractive services to financial advisers and their clients including asset allocation, business efficiencies and managing client relationships in the UK. The enhanced distribution channels opened by Norwich Union will allow Lifetime to flourish."
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Enquiries:
Norwich Union Life
James Evans - 08703 666878, or 07790 487105
Redleaf Communications
Emma Kane / Nick Lambert - 020 7955 1410 / 07876 338 339
Lifetime Group
Jeremy Bradburne - 07710 444754
Notes to editors:
- A wrap is essentially a web-enabled platform that allows access to a broad range of investment funds through the full spectrum of product wrappers.
- Lifetime Group was established in June 2002 and provides online personal portfolio and investment services to advisers and their clients. (It is planned to incorporate features such as asset registry, allocation tools and fully integrated tax/product wrap capability.)
- Millfield acquired its joint venture partner’s interest in Lifetime in December 2002. Millfield Group plc was floated on the Alternative Investment Market of the London Stock Exchange in March 2001.
- Norwich Union is the UK’s largest insurer. It is a leading provider of life, pensions and investment products and one of the leading IFA providers. IFAs provide around 70% of the company’s long-term savings business.
- Norwich Union has strategic alliances with building societies and other leading UK brand names including Tesco Personal Finance and The Royal Bank of Scotland Group.
- Norwich Union’s news releases are available on the Aviva plc website at www.aviva.com/media