UK - Alexander Forbes Financial Services has acquired The Annuity Bureau for an undisclosed amount.
The corporate IFA has purchased The Bureaux – the holding company of The Annuity Bureau, and sister firms The Drawdown Bureau, The Care Funding Bureau and The Investors Bureau.
The Bureaux managing director Peter Quinton said the deal would provide the company with enough funds to increase its market share.
Quinton – who retains his current role under the new ownership and will report to AFFS managing director Tim Morgan – added: “By joining AFFS we gain the critical mass and financial backing to be able to take the business forward another major step. We are now in an even stronger position to advise right across the market, from individuals to the trustees of the largest employer-sponsored pension schemes in the country.”
The Bureaux and its trading businesses will keep their existing brand names following the acquisition.
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
This week's top stories include the government spending £800,000 on a Gogglebox advert and MPs writing to The Pensions Regulator about its engagement with the Railways Pension Scheme.