HHG sells off life business
Former AMP-owned HHG has followed up last year’s closure of its global financial planning operations with the offloading yesterday of its Life Services business to UK-based Life Company Investor Group (LCIG) for around $2.5 billion.
LCIG was forced to raise its bid by just over $100 million after HHG announced on December 10 it had been approached by the European-based group Resolution Life and last week was presented with an offer to either buy Life Services or the complete issued capital of HHG.
On February 8 LCIG approached HHG with its revised proposal and told the HHG board that if the offer wasn’t accepted it would withdraw immediately form the sale discussions.
The board accepted the revised offer on the basis that it delivered increased value to shareholders above the December 10 offer and also provided greater certainty than the Resolution Life proposal, which would involved extensive due diligence ahead of any formal agreement being struck.
In May last year HHG, which also owns Henderson Global Investors, closed its international financial advice arm Towry Law International (TLI) to new business due to the tough market conditions faced by advisory firms.
The decision followed a strategic review by the UK-based firm, and led to the closure of its TLI offices in the Middle East (Bahrain and Dubai) and Japan while its office in Hong Kong became 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, did not impact on Towry Law in the UK or have any significant effect on the broader HHG group.
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