The U.S. is not the only country facing a deluge of retiring baby boomers in need of retirement income advice. Across the pond, the U.K. is tackling the same issue. So it should come as no surprise that, spurred on by that singular demographic trend coupled with the decline of traditional pensions, financial companies aim to merge and grow their business in that arena.
In that vein, Fidelity Worldwide Investment, an asset management enterprise operating throughout the globe except in the U.S. and Canada, just today announced its acquisition of Annuity Direct Ltd. and its holding company, Retirement Angels. No price was revealed.
According to a statement from Fidelity, Annuity Direct will retain its status as an independent financial advisor to individuals, pensions and institutions. Its specialty is aiding consumers looking to convert pension savings into retirement income via an annuity.
Prior to the acquisition, Fidelity publicly declared its intention to expand within the retirement income marketplace.
“As part of our increased investment into our U.K. business, the build out of a new retirement service is a key priority,” said Hugh Mullan, U.K. managing director for Fidelity, in a statement.