CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open account
☰
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open account
✖

Scottish Friendly set for expansion

Article By: ,  Financial Analyst
February 2, 2015 12:26 PM

Financial services group Scottish Friendly is readying itself for expansion.

The company is set to double the size of its operations as it stated that it was closing in on a deal to acquire Marine & General Mutual (M&GM). If completed then the agreement will represent the largest in Scottish Friendly's history and will increase its assets to around £2 billion.

Officials expect the agreement to be completed in the second quarter of the year although it still needs to gain approval from members, regulators and the High Court. Scottish Friendly see the acquisition as a major coup for its operations and has already stated its pleasure at being able to secure the oldest active registered company in the UK.

M&GM – a financial institution

M&GM first started trading as a mutual society in 1892 and has gone through a number of changes throughout this time. In 2008, the company was rebranded as MGM Advantage with a focus on the retirement income market. It went under another change five years later, when the Society completed a transaction which closed it to new business.

This resulted in the selling of infrastructure to a new company which was made possible through private equity. This then formed the new M&GM brand. Scottish Friendly's takeover will represent the latest incarnation of this company.

David Gulland, chief executive, M&GM said: “As we explained to our policyholders and members in our Strategic Report for 2013, we have been seeking to secure the long-term future of our customers through a transfer to another organisation.

"This involved a thorough process considering a number of potential operations and we were delighted to select Scottish Friendly."

Fiona McBain, chief executive of Scottish Friendly, also welcomed the deal and noted that the company was excited about the opportunities afforded by doubling its size.

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. CFD and Forex Trading are leveraged products and your capital is at risk. They may not be suitable for everyone. Please ensure you fully understand the risks involved by reading our full risk warning.

City Index is a trading name of StoneX Financial Ltd. Head and Registered Office: 1st Floor, Moor House, 120 London Wall, London, EC2Y 5ET. StoneX Financial Ltd is a company registered in England and Wales, number: 05616586. Authorised and regulated by the Financial Conduct Authority. FCA Register Number: 446717.

City Index is a trademark of StoneX Financial Ltd.

The information on this website is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement.

© City Index 2024