European Wealth discovers liabilities at US acquisition target
Guernsey-based European Wealth Group’s $1.7bn acquisition of US broker Newbridge faces a fresh hurdle despite receiving regulatory approval.
M&A Deals
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UAE lender buys Turkish private bank for $3.2bn
Dubai’s Emirates NBD has agreed to buy Turkey’s Denizbank from Russia’s state-owned Sberbank for $3.2bn.
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7IM buys family office focused DFM
Seven Investment Management has agreed to take over Tcam Asset Management in a bid to enhance its active management capabilities despite the Scottish firm last year expressing caution about merging with another company.
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Australian banking giant to exit wealth management
National Australia Bank (NAB) is to exit its advice, platform, superannuation and asset management business by the end of 2019, according to the bank’s financial results.
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Harwood WM makes second acquisition in a week
UK financial planning firm Harwood Wealth Management has made its third IFA acquisition of 2018 by acquiring Fund Management Limited for £1.13m ($1.5m, €1.2m).
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Harwood Wealth Management continues IFA buying spree
Harwood Wealth Management is showing no let up in its IFA firm buying spree after it struck a £1.56m deal to acquire retirement solutions specialist Plan 65.
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US asset manager buys majority stake in Hermes IM
One of the biggest US fund managers Federated Investors has bought a 60% stake in Hermes Investment Management from the UK’s BT Pension Scheme in a £246m ($350m, €284m) deal.
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Fairstone poised to buy nine IFAs this year
Fairstone is set to acquire IFA firms in Leicester and Stockton-on-Tees and anticipates it will line up seven more acquisitions this year.
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Zurich ramps up high net worth offering with UK acquisition
Zurich UK has agreed to acquire Oak Underwriting in a move that the company believes will transform the firm’s scale in the high net worth sector.
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Aim-listed Harwood acquires Southampton-based IFA
Harwood Wealth Management has continued its buying spree with the purchase of Southampton-based IFA AE Financial Services from its parent company for £4.6m.
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OMI keeps distribution deal as Old Mutual exits LatAm
South Africa-headquartered Old Mutual is selling all of its businesses in Latin America to a Singapore-based firm but has confirmed that Old Mutual International will continue its long-standing relationship with regional distributor Aiva.
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Is it the end for the traditional life insurance model?
Phoenix Group’s acquisition of Standard Life’s insurance arm is “testament to the current re-shaping of the UK life insurance industry” and the “break-up of traditional models”, the group’s chairman said.