NPI buy boosts AMP in the UK
AMP has expanded its operations in the UK with the $3.5 billion acquisition of National Provident Institution (NPI).
As reported in Money Management late last year, AMP was listed as a front-runner for the group. NPI will complement AMP's other operations in the UK, which include Pearl Assurance, Hendersons and 50 per cent of Virgin Direct.
AMP chief executive officer George Trumbull says NPI's distribution strategy focuses on the Independent Financial Adviser (IFA) market, which will fill a gap in AMP's distribution in the UK. Pearl uses salaried advisers while Virgin Direct focuses on direct distribution.
Based on 1996 figures, NPI is the 17th largest life office, 11th largest IFA-focussed assurer and seventh-largest pension provider in the UK. Its $31 billion in funds under management gives AMP more than $200 billion worldwide.
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