Article date: 5 December 2003
Norwich Union has today signed an agreement to increase itsinvestment in Lifetime Group Limited’s wrap platform. Thisinvestment increases Norwich Union’s stake in Lifetime from7.4% to 49.9%, making it the largest shareholder alongsideMillfield, one of the UK’s leading advisory groups.
This financial backing from Norwich Union will enableLifetime’s wrap proposition to be developed further andlaunched into the IFA marketplace in the next six months. Inaddition, the structure of the agreement gives Norwich Union theability to make further investments in Lifetime in the future.Discussions are also underway to bring in other shareholders intoLifetime to create an industry platform.
Robert Fletcher, Norwich Union’s director of distributionstrategy, said: "Norwich Union offers a wide range of products andservices through a range of distribution channels and we see wrapsas complementary to these. We see wraps as playing an importantrole in the development of the advisory market going forward. Ourinvestment in the Lifetime wrap platform is an important part ofour longer term planning. We look forward to working with Lifetimeand other shareholders to ensure the success of this venture."
Jeremy Bradburne, chief executive of Lifetime, said: "We aredelighted to have completed the agreement with Norwich Union. Itallows us to complete the development of providing an on-line, realtime platform offering attractive services to financial advisersand their clients including asset allocation, business efficienciesand managing client relationships in the UK. The enhanceddistribution channels opened by Norwich Union will allow Lifetimeto flourish."
Norwich Union Life
James Evans - 08703 666878, or07790 487105
Emma Kane / Nick Lambert -020 7955 1410 / 07876 338 339
Jeremy Bradburne - 07710 444754
Notes to editors:
- A wrap is essentially a web-enabled platform that allowsaccess to a broad range of investment funds through the fullspectrum of product wrappers.
- Lifetime Group was established in June 2002 and providesonline personal portfolio and investment services to advisers andtheir clients. (It is planned to incorporate features such asasset registry, allocation tools and fully integrated tax/productwrap capability.)
- Millfield acquired its joint venture partner’s interestin Lifetime in December 2002. Millfield Group plc was floated onthe Alternative Investment Market of the London Stock Exchange inMarch 2001.
- Norwich Union is the UK’s largest insurer. It is aleading provider of life, pensions and investment products and oneof the leading IFA providers. IFAs provide around 70% of thecompany’s long-term savings business.
- Norwich Union has strategic alliances with building societiesand other leading UK brand names including Tesco Personal Financeand The Royal Bank of Scotland Group.
- Norwich Union’s news releases are available on the Avivaplc website at www.aviva.com/media