| Standard Life acquires threesixty |
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16/03/2010 12:45 (697 Day 07:54 minutes ago) | |||||
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The FINANCIAL -- Standard Life plc ("Standard Life") has on March 15 announced that it has purchased the remaining 75% stake in the intermediary support services business, threesixty LLP ("threesixty"), having held a 25% stake in the firm since May 2007. The acquisition was effective from 12 March 2010.
threesixty is one of the premier intermediary support services firms in the UK with 575 high quality IFA clients firms who are responsible for 5,160 regulated financial advisers. The business has an excellent reputation for providing compliance, technical help and training, as well as technology advice and support to top quality intermediary firms and has grown successfully since its formation in March 2003.
Standard Life has worked closely with and fully supported the IFA market for many years and the further investment in threesixty demonstrates our continuing belief and long-term commitment to the IFA sector as we approach the implementation of the Retail Distribution Review (RDR). We believe this agreement will further strengthen our understanding of advisers and what we can do to further meet their needs and requirements in the future.
As a major investor in threesixty since May 2007, we already recognise and value the importance of threesixty's impartiality in providing support services to their IFA client firms. There will be no change to this as a result of today's announcement. All of threesixty's operational partners will remain with the business and lead its continued development and growth.
threesixty will have the full backing of Standard Life and we will work together to develop the business for the benefit of threesixty's IFA client firms.
Standard Life Chief Executive David Nish commented:
"We firmly believe that a thriving independent sector that gives consumers valuable access to professional financial planning is key to meeting the long-term savings and investment needs of consumers in the UK.
"The market is about to undergo significant transformation which will present many opportunities and challenges to advisers. Standard Life has a long and successful association with the IFA sector and we want to continue to support advisers through this period of change. We've listened very closely to their thoughts on how things are changing and what we can do to help.
"threesixty has the skills and capabilities to support IFAs, and with Standard Life's backing, will continue to play a leading role in supporting the transformation of the IFA market.
"I am delighted to be announcing this extension to our successful relationship with threesixty. Consistent with our successful acquisition of flexible benefit specialist Vebnet in 2008, this acquisition will add further depth to our propositions in the intermediary market and our long-term distribution capability."
threesixty's David Ingram said:
"The levels of support which threesixty's client firms will require in the run up to the RDR and beyond will require expansion and enhancement of our services. With the backing of Standard Life, we can look forward to working together, along with our other strategic partners, to develop the business further and deliver increased value to our client firms.
"Standard Life has been a major investor in threesixty for some years now and has always supported our enthusiasm for providing unbiased support to independent intermediaries. We view this as key to our ability to continue to be a trusted adviser to our clients."
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