NETHERLANDS/UK - Dutch financial services giant Aegon has become one of the top 10 independent financial advisory (IFA) distributors in the UK following the acquisition of Elliott Bayley Company for an undisclosed sum.
Surrey-based Elliott Bayley was set up in 1975 and currently employs 43 staff, including 11 IFAs. The firm services corporate and personal clients and has expanded steadily in recent years through organic growth.
Chris Cotton will remain as managing director. Peter Dornan, managing director of Aegon UK distribution, will join the board of Elliott Bayley.
David Henderson, group chief executive, Aegon UK , said that the deal brings the total number of IFAs to over 700.
“This acquisition completes our target for our first phase of distribution activity.
“Like all of our other distribution businesses, Elliott Bayley’s status as an independent financial adviser will not be affected.”
In recent months Aegon has boosted its IFA presence through stakes in companies across the UK including Aurora Financial Group, Personal Touch Insurance and Positive Solutions. Other purchases by Aegon include a 2.5% stake in Millfield, 9.9% stake in Berkeley Berry Birch and the takeover of Momentum.
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The Transfers and Re-registration Industry Group (TRIG) has given its support to an initiative which aims to complete occupational pension transfers within three weeks.
Scottish Widows has completed a bulk annuity deal for the Hitachi UK Limited Pension Scheme.