Annuity specialist Retirement Advantage has been bought out by Canada Life for an undisclosed sum leaving just six active providers in the market.
Retirement Advantage, which also operates in the equity release market, has more than 30,000 customers and more than £2bn in assets under management. This includes a £1.5bn block of in-payment annuities. Canada Life has operated in the UK since 1903 and provides retirement income, investment and employee protection products. Canada Life UK executive vice-president and chief executive Doug Brown said: "This transaction enhances our position and broadens our product suite to include equity release mortgages." Retirement Advantage was formed in 2015 when funds managed by TDR Capital m...
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