In support of its ‘big push’ on pensions, L&G’s spring offensive includes picking off
SIPP specialist Suffolk Life for £62m.
The 52% share of the business netted Suffolk shareholders £15.75 cash per share.
Chief Executive, Tim Breedon, outlined the strategic benefits, “Combining Suffolk Life’s product expertise and service delivery with L&G’s extensive distribution reach will transform Suffolk Life’s growth potential.”
This move is a departure from L&G’s maxim of ‘organic growth’ - the model for strategic partnerships rather than acquisition - which developed L&G’s unrivalled ‘reach’ under Sir David Prosser.
Sir David fortuitously sold L&G Bank to Northern Rock prior to his departure…
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