Latest news with #wealthmanagement
Associated Press
2 hours ago
- Business
- Associated Press
Alpha Growth PLC - Providence Life Granted Isle of Man Branch License
Providence Life Receives Isle of Man Branch License LONDON, UK / ACCESS Newswire / June 20, 2025 / Alpha Growth plc, ( ) a leading global financial services specialist in the multi-billion dollar market of longevity assets and insurance linked asset and wealth management is pleased to announce that one of its group companies, Providence Life Assurance Company (Bermuda) Limited ('Providence Life Assurance'), a leading provider of bespoke life insurance solutions for ultra-high net worth ('UHNW') individuals and family offices, has been granted a branch license in the Isle of Man. The new branch, operating under the name Alpha PPLI will cater to the sophisticated wealth planning needs of clients across the UK, Europe, Middle East and Asia. The Isle of Man Financial Services Authority issued the permit to Providence Life Assurance on May 23, 2025, under section 22 of the Insurance Act 2008, authorizing the company to conduct both Class 1 and Class 2 insurance business with immediate effect. Alpha PPLI builds upon Providence Life Assurance's established expertise in Private Placement Life Insurance ('PPLI') and Private Placement Variable Annuities ('PPVA'), offering tailored solutions designed to address the complex financial and succession planning requirements of UHNW individuals and family offices. The branch aims to provide a full suite of customized insurance structures, supported by a team with decades of collective industry experience and backed by the financial strength of parent company Alpha Growth plc. Alpha PPLI is lead by its Chief Executive Julian Melling and Business Development Executive Richard Turnbull, both based in the Isle of Man with significant recognized experience in the high net worth life insurance industry. 'Our expansion into the Isle of Man through Alpha PPLI marks a significant milestone in Providence Life Assurance's growth strategy. This new branch enhances our ability to deliver world-class, flexible insurance solutions to discerning clients in key international markets,' said Gobind Sahney, Chairman & CEO of Alpha Growth plc and Providence Life Assurance. 'After many years in this industry, I am pleased to lead the strategic expansion of Providence Life Assurance's international business. This marks a pivotal moment for UHNW life insurance, opening up an exciting future for Providence Life Assurance and the Alpha Growth group of companies, as we enhance our ability to serve the sophisticated needs of UHNW clients and family offices across key international markets.' said Julian Melling, [email protected] Chief Executive of Alpha PPLI. Providence Life Assurance is renowned for its independent, client-focused approach, delivering best-in-class service and innovative insurance products. The launch of Alpha PPLI in the Isle of Man underscores the company's commitment to supporting the wealth management objectives of UHNW clients and family offices in the UK, Europe, and Asia. About Providence Life Assurance Company (Bermuda) Limited: Providence Life Assurance specializes in providing customized life insurance products, including PPLI and PPVA, to ultra-high net worth individuals and institutions. The company operates under the regulatory oversight of the Bermuda Monetary Authority and is part of Alpha Growth plc, a global leader in insurance-linked wealth management. About Alpha Growth plc Specialist in Life Insurance, Esoteric and Longevity Assets Alpha Growth plc is a financial advisory business providing specialist consultancy, advisory, and supplementary services to institutional and qualified investors globally in the multi-billion dollar market of longevity assets and insurance linked asset and wealth management. Building on its well-established network, the Alpha Growth group has a unique position in the insurance and asset services and investment business with global reach. ***END*** This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit SOURCE: Alpha Growth PLC press release
Yahoo
10 hours ago
- Business
- Yahoo
Where Will iA Financial Be in 10 Years?
Written by Jitendra Parashar at The Motley Fool Canada The financial sector has been leading the charge on the TSX over the last year, with iA Financial (TSX:IAG) emerging as one of the sector's top performers. After surging 66% in the last 12 months, iA stock now trades around $142 per share and has a market cap of $13.2 billion. At this price, it offers a 2.5% annualized dividend yield. This solid performance might be a reflection of the company's growing asset base, strong earnings momentum, and a business that's executing well across its insurance and wealth management segments. But with IAG stock now priced near all-time highs, the question is whether the company can maintain its current growth trajectory over the next decade. Let's take a closer look at iA Financial stock's key fundamental growth drivers and explore where it could be a decade from now. One big reason for the recent climb in iA Financial stock could be the stable demand for its life and health insurance solutions, as well as its growing wealth management presence. Even on the economic front, things have been supportive for financial stocks. Despite market volatility and concerns over U.S. tariffs and global trade tensions, the Canadian economy has held up reasonably well. iA's exposure to both Canadian and U.S. markets has enabled it to benefit from improving vehicle inventory levels and consumer affordability in the U.S., while also riding the wave of recovery in Canada's wealth and insurance sectors. In fact, its assets under management and administration reached over $264 billion by the end of the first quarter of 2025, reflecting a 15% YoY (year-over-year) jump. That's been a big confidence booster for iA Financial investors. In the first quarter, the financial firm's core earnings grew 19% YoY to $2.91 per share, suggesting that the business isn't just coasting on investor optimism but is also delivering real results. iA Financial recorded gains across all three of its key segments, including insurance, wealth management, and U.S. operations. Its wealth management segment especially performed exceptionally well, with record segregated fund sales surging by 52% from a year ago to cross $1.9 billion. Meanwhile, iA's U.S. operations showed impressive growth last quarter, with the segment's individual insurance sales jumping 62% YoY. And due to its disciplined approach, the company's capital base remains strong with a solvency ratio of 132% and $1.4 billion in capital. At its latest investor event held in February, iA Financial laid out ambitious but achievable goals. Interestingly, the company is targeting over 10% annual growth in earnings per share and an over 17% return on equity by 2027. Also, it expects to keep generating over $650 million in organic capital this year alone, preparing for expansion through smart acquisitions and investments. With its strong balance sheet, consistent dividend, and clear growth roadmap, iA Financial stock looks like more than just a short-term win. If it keeps executing like this, the stock could be trading at a significantly higher level a decade from now – making today's price look like a big bargain. The post Where Will iA Financial Be in 10 Years? appeared first on The Motley Fool Canada. More reading Made in Canada: 5 Homegrown Stocks Ready for the 'Buy Local' Revolution [PREMIUM PICKS] Market Volatility Toolkit Best Canadian Stocks to Buy in 2025 Beginner Investors: 4 Top Canadian Stocks to Buy for 2025 5 Years From Now, You'll Probably Wish You Grabbed These Stocks Subscribe to Motley Fool Canada on YouTube Fool contributor Jitendra Parashar has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. 2025 Sign in to access your portfolio
Bloomberg
14 hours ago
- Business
- Bloomberg
Ex-Citi Wealth Management Executive to Buy Small Argentine Bank
Eduardo Savastano, a former veteran in Citigroup Inc. 's wealth management division, is preparing to acquire almost all of Banco Masventas, a small regional bank in northern Argentina, according to a person with direct knowledge. The transaction has already been submitted to Argentina's central bank, according to the person, who asked not to be named discussing an ongoing transaction. The deal is expected to involve around 90% of the company, although the amount paid for the acquisition remains undisclosed, he said.
Finextra
18 hours ago
- Business
- Finextra
Mambu and Light frame collaborate on core banking package for wealth management
Today, Light Frame SA, a Swiss provider of modern investment operations and portfolio management technology, and Mambu, a global leader in cloud-native core banking, have announced a strategic partnership delivering a next-generation, fully integrated core banking solution tailored to the private banking and wealth management industries. 0 The partnership comes at a critical moment as wealth managers and private banks adapt to evolving client expectations, growing regulatory complexity, and increasing pressure on profitability. By combining Mambu's leadership in cloud-native core banking and extensive global operational footprint with Light Frame's sophisticated investment operations and portfolio management technology, the collaboration offers a distinct advantage to banks as they shape and execute their strategy. 'Mambu's entry into private banking alongside Light Frame marks a material step toward modernizing a sector that has historically seen limited innovation,' said Cenk Bozal, Region Manager DACH at Mambu. 'With over 260 live customers across 65 countries, Mambu is uniquely positioned to partner with the industry to realize the transformational value of a modern, proven core.' The core banking market is projected to exceed $65 billion by 2032, growing annually at 18.6%, according to Fortune Business Insights. The wealth management sector remains underserved by legacy technology, resulting in high operational costs and constrained innovation. The Mambu x Light Frame partnership presents a timely and transformative solution for institutions seeking modern alternatives that are secure, compliant, and built for speed and scalability. 'Over the past decade, Mambu has been at the forefront of core banking innovation, though our efforts have largely focused outside the Wealth industry,' said Leon Stevens, Head of EMEA at Mambu. 'We are now pleased to extend that innovation to private banks, wealth managers, brokerage banks, and WealthTechs as they modernize or start their operations. By bridging the gap between investment operations and core retail banking, the new solution empowers Wealth institutions to: Deliver seamless, end-to-end banking and investment experiences Accelerate implementation timelines and reduce IT complexity Integrate efficiently with third-party platforms Drive productivity and automation through intuitive interfaces and modern architecture Ensure resilience, compliance, and scalability through a cloud-native infrastructure 'When we set out to build a modern Swiss private bank, we searched for a core system that could deliver sophisticated wealth services while embracing the advantages of new technology. It didn't exist,' said Schuyler Weiss, CEO of Light Frame and former founder and CEO of the Swiss bank Alpian. 'That experience led to Light Frame. Today, in partnership with Mambu, we're offering a new benchmark—an end-to-end solution that's fast to implement, intuitive to use, and purpose-built for the high-touch, tailored services that define private banking.'
CTV News
20 hours ago
- Business
- CTV News
BMO acquires independent asset manager Burgundy for $625 million
BNN Bloomberg is Canada's definitive source for business news dedicated exclusively to helping Canadians invest and build their businesses. Sorry, we're having trouble with this video. Please try again later. [5006/404] BMO Financial Group announced Thursday that it is buying Burgundy Asset Management Ltd., a Toronto-based private investment firm, for approximately $625 million in shares. In a news release, BMO called Burgundy a 'leading independent wealth manager' that provides 'discretionary investment management' for its clients, which include private individuals, foundations and endowments. Burgundy will become part of BMO's wealth management unit, strengthening its reach into the Canadian investment space catering to 'high-net-worth and ultra-high-net-worth clients,' the bank said. As of May 31, Burgundy had approximately $27 billion in assets under management, according to the release. The company, founded in 1990, has 150 employees with offices in Toronto, Vancouver and Montreal. 'Burgundy Asset Management is one of Canada's most respected independent investment managers known for its high calibre team, rigorous investment process and dedicated service to private clients, institutions and family offices,' Deland Kamanga, group head of wealth management at BMO, said in the release. 'The acquisition will build on BMO's heritage as a client-focused wealth manager while expanding our wealth advice and private investment counsel offering.' Burgundy's current chief executive, Robert Sankey, will continue to lead the business going forward, and co-founders Tony Arrell and Richard Rooney will also remain with the company, BMO said. 'It has always been our intention to build Burgundy for the long run, so we can serve our clients and their families across generations,' Arrell, who also serves as chairman of Burgundy, said in the release. 'We are happy to be joining BMO, a North American leader, and believe this is a great opportunity to continue to serve our clients well into the future.'
