Metlife UK is closing its wealth management arm to brand-new business, stating low rates of interest have made it tough for the department to provide value for the company.
The move efficiently implies the supplier is taking out of the unit-linked assurances market.
Metlife has informed regulators and company of its strategies and is composing to existing clients and their consultants.
The company will now seek to grow its worker advantages and individual security services.
According to a declaration, illustrations for brand-new wealth management business will stop at 5pm on 7 July with applications accepted up until 5pm on 28 July.
Metlife UK handling director Dominic Grinstead states: “Our wealth management business has grown to ₤ 5bn properties under management since launch in 2007, which is a testimony to the effort and dedication of our staff and the success of our items.
” However, while our wealth management items provide great results for our consumers, the continuous obstacle of long-lasting low rates of interest has made it hard to provide value for Metlife. After extensive analysis, we have chosen to concentrate on our worker advantages and individual security business.”
He includes: “We will deal with our associates to support them as we go through this essential shift. We are devoted to supplying the greatest level of service to our clients and monetary consultants.”
In 2015, Metlife introduced a lower-cost ensured drawdown item that it declared was the very first authentic development following the intro of pension liberties.