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 architecture Lifetime Portfolio wrap platform is in the final stages of development. It will initially be rolled out through Millfield before being offered to other distributors.
Paul Stokes, head of wrap development at NU, said: "We always knew they would require further capital at this stage but we wanted to see the leadership team deliver against their plans. We believe this will be the first true wrap platform with facilities such as real-time valuations that other platforms lack."