HHG sells financial advice business
FormerAMP-owned HHG is closing its global financial planning operations, Towry Law International (TLI), to new business due to the tough market conditions faced by advisory firms.
The decision follows a strategic review by the UK-based firm, which will now close its TLI offices in the Middle East (Bahrain and Dubai) and Japan while its office in Hong Kong will become the client services centre for all ongoing client business.
The decision to wind down the international financial planning operations of TLI, one of the world’s largest financial planning firms with over 30 offices globally, is not expected to impact on Towry Law in the UK or have any significant effect on the broader HHG group.
In the UK Towry Law provides clients with financial advice on pensions, investments, insurance and mortgages. HHG up until recently held a 50 per cent stake in Virgin Money, a joint venture with Virgin Group, however it sold its share back to Virgin founder Richard Branson in April.
HHG, which AMP divested its stake in December 2003, has two main divisions - investment management group Henderson and a life services division, which includes UK-based Pearl Assurance, National Provident Life, NPI and London Life.
The group is now focusing on investment management, Henderson has over $150 billion in funds under management, with all its life firms also now closed to new business.
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
