Royal London enters new phase with Ascentric following purchase of minority shareholding
13 January 2015
Ascentric has now concluded the sale of its remaining minority shareholding to Royal London which has held a majority stake in the business since 2007. This final purchase reinforces Royal London’s commitment both to the business and the sector.
Ascentric has also now welcomed Jon Taylor as its new Managing Director. Jon previously held the role of CEO of Royal London (CIS), the Co-op’s life insurance business acquired by Royal London in July 2013. He held a number of roles within CIS, including Head of Technology Strategy, Business Transformation and latterly Head of the CIS Life & Savings business. Jon’s combined investment and technology expertise will bring additional strengths to Ascentric as it moves into its next phase of growth, supporting advisers in making their businesses more successful through smart use of technology.
Jon succeeds Hugo Thorman. Hugo has decided this is a good time to leave the business and pursue opportunities elsewhere. In order to provide a smooth transition, Hugo will remain as Non-Executive Chairman until the end of June 2015 when he will leave the business. The role of Chairman will then be taken on by Andrew Carter, CEO of Royal London Asset Management (RLAM). Andrew will remain as CEO of RLAM.
Andrew Carter, CEO of RLAM, said:
“Royal London’s acquisition of the minority shareholding together with the on-going investment in technology and the appointment of Jon to succeed Hugo, are a sign of our commitment to the business. Hugo has built Ascentric into a market-leader which will now be able to further leverage the advantages of being part of the Royal London Group.”
Jon Taylor, Managing Director of Ascentric, said:
“This is an exciting time for the platform market which has seen assets under administration rise at an unprecedented rate. Ascentric itself has continued to innovate and as a result has grown to over £8.5 billion assets under administration since it was created in 2005. We will retain our independent positioning and are well-placed to take advantage of the current momentum in the market.
“The business’ growth and market leading reputation are down to Hugo and the very strong management team who remain in the business. I look forward to working with that team and Hugo over the coming months.”
Hugo Thorman, Chairman of Ascentric, said:
“Since I joined the business in 2005 it has grown dynamically to over £8.5 billion assets under administration, and I feel confident that I am leaving a solid business in capable hands and one which can only go from strength to strength.”
For further information please contact:
0207 015 2525
About Royal London:
Royal London is the largest mutual life, pensions and investment company in the UK with Group funds under management of £78.4 billion. Group businesses serve around 5.3 million customers and employ 2,823 people (figures quoted are as at 30 September 2014).
The Group is currently moving all of its UK life, pension and investment businesses under a new version of the Royal London brand. The Group's independent wrap platform will remain branded Ascentric.