14 NOV 2016

IFGL announces the acquisition of Millenium Investment

We are excited to announce that we are to be acquired by International Financial Group Limited (IFGL), subject to regulatory approval. IFGL is the owner of RL360 and RL360 Services (formerly CMI).

RL360 has a strong track record of supporting the Investment Platform - or Wrap - model, it is intended that Millenium Investment will continue to operate under the Millenium Investment brand and will operate independently post completion.

Millenium Investment was the first independent wealth platform designed exclusively for the international market, and was purchased by Rowan Dartington in 2014. It provides a full-service platform for the international adviser community, which includes research tools, dealing, custody and client administration.

David Kneeshaw, Chief Executive of RL360, said: "I am delighted to welcome Millenium Investment to the RL360 Group. 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 Millenium Investment presents a significant and attractive opportunity to accelerate this objective.

"I believe having a truly independent and internationally focussed platform within the RL360 Group makes strategic sense. Platforms will play an increasingly important role in international distribution, for example in providing a mechanism to help providers devise and deliver new propositions to the market. Platforms can also give Advisers options as they seek to transition away from an initial commission remuneration model. We strongly believe this is the way the industry - and regulation - is moving."

Richard Preston, CEO of Millenium Investment, said: "With RL360 we will have the backing of a major institution 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."