PENSIONS giant Standard Life has taken control of a financial advisory support business ahead of sweeping changes to the way pensions and investments are sold.
The Edinburgh group purchased the remaining 75 per cent stake in Threesixty for an undisclosed sum, having acquired a 25 per cent stake in 2007.
The Cheshire partnership provides advice and investment platforms to a client base of 575 independent financial advisers in the UK, as well as running a successful IFA division. Standard Life said Threesixty would continue to provide "impartial" advice to clients. Lead partners Phil Young and David Ingram will remain with the business.
Standard Life chief executive David Nish said: "This acquisition will add further depth to our propositions in the intermediary market and our long-term distribution capability."
Standard Life has been upping its stake in distributors of its financial products. In 2008, it acquired a 20 per cent stake in the financial planning arm of RSM Bentley Jennison.
Ingram said the Standard Life investment would allow Threesixty to expand before changes come in under the government's retail distribution review (RDR), which will ban IFA commission on the sale of financial products.
"The levels of support which Threesixty's client firms will require in the run up to the RDR and beyond will require expansion and enhancement of our services," he said.