The RL360° Group has today announced it has bought international platform business Ardan International. The deal brings together two successful Isle of Man companies.
Ardan International employs 12 staff and is based in Upper Church Street, Douglas. Following the acquisition, RL360° will invest in the company, the technology and the people to help Ardan International grow. It is, however, intended that the platform will continue to operate under the Ardan brand and will operate independently.
With this deal, RL360° is continuing to make good on its ambitious growth plans. In November last year the international life company acquired another Manx company, Clerical Medical Insurance Company Limited.
David Kneeshaw, Chief Executive of RL360°, said: “We have made no secret of the fact that pursuing acquisitions forms part of RL360°’s strategy to build scale and support our growth plans. We believe Ardan International presents a significant and attractive opportunity to accelerate this objective.
“We have historically been strong supporters of the Investment Platform – or Wrap – model and we believe having a truly independent and internationally focussed platform within the RL360° Group makes strategic sense. I believe Platforms will play an increasingly important role in international distribution as the industry faces the challenges and opportunities of regulatory change and commission disclosure.”
Richard Preston, CEO of Ardan International, said: “With RL360° we will have the backing of a strong and internationally focussed parent company and our adviser community will benefit from continued investment in our award-winning platform service – we plan to stay ahead of the game. We will also benefit from RL360°’s market insight and distribution channels. This is a very exciting time for us.”
Ardan was the first independent wealth platform designed exclusively for international advisers and their investors. Authorised and regulated in the Isle of Man, it deals with more than 70,000 funds and securities through multiple third party life and pension wrappers.
The acquisition is subject to approval from the Isle of Man Financial Services Authority.
