The deal comes as LV= is in the midst of a controversial takeover by US private equity giant Bain Capital.
Asset management giant Royal London has acquired fintech Wealth Wizards from principal investor LV= in a move to bolster its technology.
The deal will likely result in a boost for both Wealth Wizards’ regulated financial robo-advisor MyEva, which is aimed at the workplace market, where Royal London has a significant foothold in workplace pensions.
Wealth Wizards said its Turo financial advice platform for advisers will continue to operate, now with Royal London’s support as the fintech’s parent company.
“We share a strong vision with Royal London, the whole idea of making financial advice more efficient, more compliant, and to do so while serving the wider base of advisors. In that sense we're very aligned,” Tony Vail, Wealth Wizards’ chief product and advice officer, told AltFi.
“But I think Royal London also recognise that we are a technology-first fintech operating in a very agile way.”
For now the deal, which was for an undisclosed amount, is still subject to regulatory approval.
“We are impressed by the innovative technology offered by Wealth Wizards and are delighted they are joining our business. We see the positive impact of advice on customers’ lives every day and will work with advisers to help to overcome the advice gap in the UK,” said Royal London CEO Barry O’Dwyer.
“This acquisition provides us with an opportunity to enhance the leading support and service we already provide with market-leading technology and processes that can help advisers become more efficient and broaden the offering we have for our workplace clients.”
LV= is in the midst of a controversial £530m takeover by US private equity firm Bain Capital, which has drawn the attention of UK politicians and is set to be the subject of a cross-party Inquiry led by Gareth Thomas MP.