Scottish Friendly acquires Fidelity business – Daily Business

Mutual savings society Scottish Friendly has acquired a book of pensions and annuities from Fidelity International.

It will see its assets under management increase by £2.16 billion to more than £6.3bn and involves 40,000 pension holders and 1,000 annuities.

Glasgow-based Scottish Friendly has a long and well-established history of acquiring large books of insurance business, the largest of which was in 2019 with the acquisition of blocks of life and pensions business from Canada Life.

Stephen McGee, chief executive, said: “This is a significant acquisition for Scottish Friendly, growing our business and offering long-term value for our eligible members through our ProfitShare initiative.”