The Canada Life Group (UK) Limited has signed an agreement to acquire Retirement Advantage, a UK-based financial services provider, for an undisclosed sum.

Retirement Advantage serves more than 30,000 pension and equity release customers, and manages over £2bn of assets under management, including a £1.5bn block of in-force annuities as of 30 June 2017.

The acquired business was set up in 2015 when funds managed by TDR Capital LLP merged the retirement income and equity release divisions of MGM Advantage and Stonehaven.

Commenting on the agreement, Canada Life UK CEO Doug Brown said: “Canada Life has operated in the UK since 1903 and is a highly regarded provider of retirement income, investment and employee protection solutions.

“This transaction enhances our position and broadens our product suite to include equity release mortgages.”

Retirement Advantage group CEO Craig Fazzini-Jones stated: “This acquisition is a positive endorsement of the business plan we adopted following the UK pension reforms announced in 2014 that transformed our business and drove the creation of innovative retirement solutions.

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“As we join Canada Life, we will be well positioned to build upon that success and provide greater retirement protection for our customers.”

Subject to customary regulatory approvals, and certain closing conditions, the acquisition is likely to conclude during the fourth quarter of 2017.