Aegon agrees Positive sale to Intrinsic
Once completed Intrinsic will become the shareholder of Positive Solutions whilst Aegon will acquire an equity stake in Intrinsic as part of the transaction.
Adrian Grace, chief executive of Aegon UK, said: “Positive Solutions is a good business. Until now we have seen it as core to our strategy.
“However in a post-RDR world we intend to focus on our market leading platform which is gaining traction at a remarkable rate and on advancing digital solutions to better meet the savings and retirement needs of our customers in the workplace and those individuals approaching retirement.
“We wish Positive Solutions well within the new group and look forward to working with partners of the enlarged entity going forward.”
Richard Freeman, chief executive of Intrinsic Financial Services, described Positive Solutions as a well-run business that delivered strong profits in 2012.
He said: “We have been working closely with the senior management team at Positive Solutions for the past few months and it’s clear there is a natural cultural fit between our two businesses that bodes well for the future.”
Intrinsic and Positive will now have over 3000 advisers and a joint turnover of almost £200m.
The Positive Solutions brand will remain and its senior management team will continue to run the business.
Peter Coleman, chief executive of Positive Solutions, said: “This sale to Intrinsic is excellent news for Positive Solutions, its partners and its clients.
“My senior management team and I have worked immensely hard to resurrect the fortunes of Positive Solutions.
“Together with our partners we have completed a remarkable financial turnaround and delivered on our promise to make our business safe and secure.”
The transaction is expected to close in Q3 2013.