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Article: NU, Friends and Widows in [pounds sterling]26m Assureweb stake.(Norwich Union, Friends Provident, Scottish Widows)(Brief Article)(Statistical Data Included)
- Article from:
- Money Marketing
- Article date:
- January 24, 2002
- Author:
CopyrightCOPYRIGHT 2002 Centaur Communications Limited. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Norwich Union, Friends Provident and Scottish Widows are taking a 40 per cent stake in Misys-owned Assuresoft to inject [pounds sterling]26m into its Assure-web IFA portal.
Misys says the cash boost is the only way it can achieve an effective end-to-end proposition for online trading and servicing. But the deal has sparked fears that the firms could get preferential treatment on the portal although Misys denies this.
It also refutes suggestions the deal favours a multi-tie scenario, arguing the savings will benefit all life companies whatever the outcome of the polarisation review.
Misys will retain operational control of Assuresoft, with one of ...