The Canada Life Group (UK) has reached an agreement to acquire financial services provider Retirement Advantage.
Retirement Advantage was formed in 2015 from the merger of the retirement income and equity release divisions of MGM Advantage and Stonehaven. The organisation has more than £2 billion of assets under management, including £1.5 billion of in-force annuities (as at 30 June 2017).
The terms of the transaction, which is expected to close in the fourth quarter of 2017 and is subject to regulatory approval, have not been disclosed.
Doug Brown, executive vice president and chief executive officer at Canada Life UK, said: “This transaction enhances our position and broadens our product suite to include equity release mortgages.”
Craig Fazzini-Jones, group chief executive at Retirement Advantage, added: “This acquisition is a positive endorsement of the business plan we adopted following the UK pension reforms announced in 2014 that transformed our business and drove the creation of retirement solutions. As we join Canada Life, we will be well positioned to build upon that success and provide greater retirement protection for our customers.”