Three sell offs in as many days – Novia, Selectapension and LV
15 December 2020
Notifications of the sale of Novia, Selectapension and LV have all been issued in the past few days.
SelectaPension was acquired by the Perseus operating group of Constellation Software Inc, based in Toronto, Canada, which provides software products, including in asset finance and commercial loan portfolio management. The acquisition was described as “the first for Perseus in the UK pension and investment industry”.
Andy McCabe, managing director of Selectapension (pictured), said: “Selectapension will maintain its market independence, enabling us to deliver affordable, yet comprehensive tool sets for the entire financial sector.”
Novia, the wrap platform, announced it is to be acquired by Anacap – subject to regulatory approval. Anacap also bought the Wealthtime platform and Amber Financial Investments earlier in 2020. Novia serves over 1,000 financial advice firms.
Private equity firm Bain Capital has confirmed its purchase of LV’s savings, retirement and protection businesses.
Mark Hartigan, CEO of LV= said the partnership with Bain Capital was an opportunity “to further invest to develop LV= at a time when it is well positioned, growing market share, expanding its products and trading resiliently, despite the pandemic”.
He added: “While our corporate structure will change, our culture and values remain the same. The Board is excited by the opportunities it creates for our people, partners and customers – enabling the LV= brand and business to further develop as a major force in the UK life insurance market.”
Meanwhile, Nucleus acquired Open Wealth, giving the wrap more control over its technology, while also reportedly being pursued for acquisition by Transact and James Hay.
In November 2020 Parmenion, owned by Standard Life Aberdeen, was put up for sale. Standard Life Aberdeen has two other platforms, Wrap and Elevate.
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