NU gives £13m boost to Lifetime

The Lifetime Portfolio wrap platform is on course to launch at the end of 2004 following a £13m fund...

The Lifetime Portfolio wrap platform is on course to launch at the end of 2004 following a £13m funding boost from Norwich Union (NU). The life office has increased its stake in the Lifetime Group from 20.1% to 70%. IFA Millfield, which will retain 24.7% of the share capital, has been paid £824,000 for agreeing to the deal. NU will subscribe for new shares in Lifetime, with the first £7m being paid immediately and the £6m balance in January 2005. The deal was arranged on the launch of the Lifetime Group last year but was conditional on sufficient progress being made. The open architect...