The US financial giant MetLife is closing its UK wealth management arm to new business and says it will refocus its strategy to “drive the growth” of its Employee Benefits and Individual Protection businesses instead.

MetLife launched its UK Wealth Management business in 2007 with guaranteed retirement and investment solutions and serves about 50,000 customers.

MetLife UK says that the UK wealth management business had grown to £5bn in assets under management, however long term low interest rates made it difficult for MetLife to “deliver value” to clients and after a detailed review the company has decided to pull out of the wealth management market.

Illustrations for new wealth management business will cease at 5 pm today (Friday 7 July) with applications accepted until 5 pm on Friday 28 July.

Dominic Grinstead, managing director, MetLife UK, said: “Our wealth management business has grown to £5 billion assets under management since launch in 2007, which is a testament to the hard work and commitment of our staff and the success of our products.

“However, whilst our wealth management products deliver good outcomes for our customers, the ongoing challenge of long-term low interest rates has made it difficult to deliver value for MetLife. After thorough analysis, we have decided to focus on our Employee Benefits and Individual Protection businesses.

“We will work with our colleagues to support them as we go through this important transition. We are committed to providing the highest level of service to our customers and financial advisers.”

The company says it will strive to maintain high levels of service for existing wealth management customers and their advisers. MetLife will be writing to customers and advisers underlining its commitment and has informed regulators and service partners of its plans.

MetLife claims its Employee Benefits business is one of the fastest-growing Group Risk providers in the UK and the number three Group Life provider while its Individual Protection business is also growing strongly.

Parent company MetLife Inc operates in 44 countries around the world.