Brighton based Family Investments has announced an agreement to merge with Engage Mutual to create a new business with over 2million members, holding approximately £6bn of assets under management and in excess of £130m of capital reserves.
The merger would combine the expertise and product strengths of both organisations and increase the scale at which they can provide solutions for families at key life stages, from parenthood to retirement.
Family Investments has a market leading position in products for family and children’s saving, such as the Junior ISA, and this would be augmented by Engage’s product expertise for older adults.
Members of both boards and executive teams would be represented in the new organisation, with Family CEO Simon Markey as Chief Executive and Engage Mutual’s Christina McComb, as Chairman of the merged business.
Simon Markey, Chief Executive said, “After many months of careful consideration we are delighted to recommend this merger to our members. Engage has a very strong performance record and both their culture and customer base complement ours. This is about two strong mutuals joining forces to create a bigger, more effective business, delivering greater value and long term benefits for our members and communities”.
The proposed merger remains subject to regulatory approval, legal conditions and support from the members of both companies. It is expected that the merger will conclude in the first half of 2015 subject to member and regulatory approval.
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