Canada Life completes acquisition of Retirement Advantage
3 January 2018
The Canada Life Group has completed its previously-announced acquisition of Retirement Advantage.
Through the acquisition Canada Life will add over 30,000 pension and equity release customers to the company, as well as more than £2 billion of assets under management including a £1.5 billion block of in-force annuities.
Doug Brown, chief executive officer, Canada Life UK, said, “We’re delighted the acquisition of Retirement Advantage has been concluded. Canada Life holds leading positions in many of our chosen markets. With the acquisition of Retirement Advantage, we are well positioned to build on our combined skills and experience to become a leader in the broader retirement market.”
Retirement Advantage’s chief executive officer, Craig Fazzini-Jones, will be joining Canada Life UK as its chief operating officer. Fazzini-Jones, said: “We join Canada Life at an exciting time as the retirement market continues to evolve. With ambitious plans, innovative products and a financially strong parent we are in a good position to support advisers and help their clients while delivering value to the Canada Life group.”
Both companies will continue to operate as usual while work begins integrating Retirement Advantage into the Canada Life group. The terms of the deal were not disclosed.
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