Aegon UK has sold off Positive Solutions, the UK's biggest financial adviser network which returned to profit last year after running up £10 million of losses.
The deal follows a series of upbeat announcements from the Edinburgh-based pensions group and was accompanied by news that Aegon's high-profile sponsorship of British tennis is to continue for another four years.
Aegon's "distribution" arm created by the acquisition of networks Positive Solutions and Origen made cumulative losses of £25m after the financial crash and in 2010 were said to be up for sale, Origen in particular being reportedly discussed with the acquisitive LEBC group.
But on his appointment two years ago chief executive Adrian Grace said the division was not for sale. Positive Solutions, which has grown to over 1400 self-employed advisers with 650,000 clients, has now been bought by Intrinsic, which has 1500 advisers and a turnover of £200m. Aegon will retain a stake in Swindon-based Intrinsic as part of the deal, the value of which was not disclosed, but it is understood not to be a major stake.
Newcastle-based PosSol has maintained whole of market advice following the retail distribution review (RDR), but recently said it might in future give advisers the option to offer restricted advice.
Mr Grace said: "Positive Solutions is a good business. Until now we have seen it as core to our strategy. However in a post-RDR world we intend to focus on our market-leading platform, which is gaining traction at a remarkable rate, and on advancing digital solutions to better meet the savings and retirement needs of our customers in the workplace and those individuals approaching retirement."
Mr Grace said the deal to continue as lead partner of British tennis with the Lawn Tennis Association was "a landmark announcement".
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