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Fidelity buys adviser firm in post-retirement push
by Daniel Grote on Oct 17, 2013 at 10:56
Fidelity is buying Annuity Direct and its holding company Retirement Angels.
Fidelity will acquire the entire share capital of the firm run by, financial adviser Alan Higham (pictured). In 2012 Fidelity teamed up with Annuity Direct to offer annuity purchase guidance and advice to members of its defined contribution (DC) pension schemes.
The service gave members of Fidelity’s DC pension schemes the chance to shop around for what type of annuity they prefer, the best rates, as well as the option of having financial guidance or full financial advice to aid their decision.
Fidelity said Annuity Direct would retain its status as an independent financial adviser. The firm already provides its services both directly to individuals, as well as other intermediaries.
Richard Parkin, head of retirement at Fidelity Worldwide Investment, said: 'Having worked closely together over the past couple of years we have decided that by joining forces more formally we can really get to the heart of what our customers need to fulfil their retirement aspirations.'
Hugh Mullan, UK managing director of Fidelity, said the acquisition was part of Fidelity's increased investment into its UK business and that building its retirement capability was a key focus.
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