Wednesday, 20 June 2018 09:15
Utmost parent’s deal creates £21bn wealth firm
Utmost Wealth Solutions’ parent LCCG - Life Company Consolidation Group - has completed the acquisition of Generali PanEurope to create a global specialist manager looking after £21bn in assets.
Last week LCCG’s Reliance Life division made the news when it bought the rump of Equitable Life for £1.8bn.
Generali PanEurope’s wealth protection, investment planning and employee benefits business will be combined with Utmost’s international savings, protection and investment solutions offerings, says LCCG.
Generali PanEurope, which was set up in 1999 and is located in Ireland, has also been renamed Utmost PanEurope and will adopt the Utmost Wealth Solutions branding.
Paul Thompson, group chief executive of LCCG, said: “We are very pleased to have completed the acquisition of Generali PanEurope now known as Utmost PanEurope.
“It is a highly complementary business to our existing Utmost Wealth Solutions business and demonstrates our commitment to the International life market.
“The combined business will be a formidable force in the European market for specialist cross border wealth management solutions. It also broadens our product offering in Ireland and across Europe to include Employee Benefits.”
Financial Planning Today has asked for information on whether the deals will lead to any job losses. Check back here for updates later.
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