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Scottish Friendly Assurance (SFA) today announced that it is selling its wrap administration business to Citi.
SFA established this business in 2006 and serves a number of key wrap providers. The transaction will include the transfer of all 134 Scottish Friendly wrap administration employees to Citi. Upon completion, the wrap business will be integrated into Open Wealth®, Citi’s service offering for wealth managers. Citi has been present in Edinburgh since 1976 and the addition of a Glasgow office via the acquisition of this business creates a dual Scottish franchise.
“We built our wrap business from scratch, leveraging off our award-winning back office and technical expertise. Over the past few years the business has grown rapidly and with the introduction of the FSA’s Retail Distribution Review we believe that the business will only continue to expand. ” said Fiona McBain, CEO of the Scottish Friendly group.
“We therefore saw this as an ideal opportunity to realise what we regard as the optimum value for our members’ investment and are pleased to be selling to Citi’s Global Transaction Services. The development and sale of this business are excellent examples of the flexibility and innovation of the Scottish Friendly group which will continue to flourish under our diversification and growth strategy.”
Scottish Friendly is not responsible for the accuracy of the information displayed on externally linked third party websites. The Scottish Friendly Group of Companies consists of the following companies: Scottish Friendly Assurance Society Limited – Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of AFM, Member of ABI: Life, Savings and Investments. Scottish Friendly Asset Managers Limited – Authorised and regulated by the Financial Conduct Authority. Member of The Investment Association. Registered in Scotland No 187215: OEIC Managers, ISA Managers. Scottish Friendly Insurance Services Limited – Authorised and regulated by the Financial Conduct Authority. Registered in Scotland No 113007. SFIS (Nominees) Limited - Registered in Scotland No 397351. Head office: Scottish Friendly House, 16 Blythswood Square, Glasgow G2 4HJ.