Nationwide Building Society has announced that it will sell Legal & General's protection, investment and pension products to its members via its 3,300 team of financial consultants.
Legal & General, as part of the strategic agreement with Nationwide Building Society, has completed the acquisition of Nationwide Life and Nationwide Unit Trust Managers for GBP293 million. The acquisitions are financed out of the proceeds of Legal & General’s GBP600 million innovative tier one capital issued in May last year.
Nationwide Building Society will offer unit trusts and individual savings accounts investing in a range of Legal & General funds including the Ethical Trust, as well as offer other products such as Family Life Insurance Plan, Capital Guaranteed Multi-Index Equity Bond, Critical Illness Cover and Life Cover. These products are available through Nationwide branches.
Tim Breedon, group CEO of Legal & General, said: The strategic distribution agreement with Nationwide has the potential to become one of our largest. I look forward to working with Nationwide for the benefit of their members, and for the significant opportunities this brings to Legal & General.