AEGON UK plc has today announced that it has acquired 100% of the independent advisory business of Advisory and Brokerage Services Ltd (A&B) for an undisclosed amount.
A&B, based in central London, has been in operation since 1961 and currently employs 65 staff, including 29 Registered Individuals. A&B has achieved significant growth by specialising in the net worth private client sector. A&B also has a substantial corporate client portfolio, mainly in the small to medium enterprise (SME) sector and has an extensive self-administered pensions practice.
A&B will join AEGON UK as part of the new Business Unit - AEGON UK Distribution Holdings. Gareth Marr will remain Chief Executive and A&B will retain its existing identity and have its own Board. Peter Dornan, as Managing Director of the new AEGON UK Business Unit, will join the Board of A&B.
David Henderson, Group Chief Executive, AEGON UK, said
'I am delighted to welcome Advisory and Brokerage Services to AEGON UK. When acquiring a business, what is of most importance to AEGON is the acquisition of good quality management. The issue with first Wentworth Rose and now A&B is that we have great condidence in the management of these businesses. The sectors in which they are operating are sectors we feel very positive about. The transactions stand on their own merits in that sense and offer exciting future scope whatever regulatory change may occur.'
Gareth Marr, Chief Executive of A&B said:
'We chose AEGON after considering a number of different potential partners, but AEGON stood out because of their philosophy of decentralisation and their commitment to independent financial advice. This means that we can gain all the benefits of being backed by a financially strong company whilst still maintaining our own identity. I am looking forward to the challenge of continuing to deliver excellence in the independent advice we give to all our personal and corporate clients. With our new partners at AEGON UK, I believe that A&B are now in a better position than ever before to give our clients an improving and competitive service.'