Scottish Friendly group to sell wrap administration operation to Citi
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.
Fiona McBain, CEO of the Scottish Friendly group, said:
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.
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.