It has also received its regulatory licence from the Dubai Financial Services Authority (DFSA), the firm announced.

IFGL DIFC is licensed to promote IFGL’s RL360 products and its Ardan International independent wealth platform, to expat and local investors.

Which will be carried out through regulated intermediaries the firm has said.

To read more on this topic, visit: Insurance group sets up end of service gratuity arm in DIFC

Stuart Shilcock will head up the new office as senior executive officer and head of sales Middle East.

Shilcock has been based in Dubai for over 15 years as IFGL head of sales Middle East and has worked for IFGL for over 22 years.

He will be joined by James Parsons, head of sales Ardan International, Liz Munyard, Ardan sales support and RL360’s three Middle East region sales managers, Anirban Paul, Steve Hopkinson and Steve Noon.

Shilcock, said: “Obtaining a DFSA licence will help us to further build on the strong relationships we have established with many regulated financial-adviser firms. It also underlines our long-standing commitment to the UAE market.

He added: “The IFGL DIFC team is also looking forward to the opportunity of new conversations with other regulated intermediary firms whose customers would benefit from RL360 products and the Ardan International platform.”

The US dollar-denominated model portfolios are exclusive to RL360’s guided architecture ranges. The BlackRock assets will sit alongside the range of funds the life insurance firm already offers – including the following products:

• Regular Savings Plan (RSP);
• Oracle;
• LifePlan;
• Quantum; and
• Paragon.

BlackRock will provide the asset allocation. The Model Portfolio Solutions funds are designed to appeal to clients with three different levels of risk appetite. The risk appetites are:

• RL360 Model Portfolio Solutions Conservative USD – a lower risk model designed for investors willing to accept lower returns for a higher degree of security;
• RL360 Model Portfolio Solutions Balanced USD – a medium risk model designed for those investors who will accept a moderate level of risk in return for a moderate level of growth; and
• RL360 Model Portfolio Solutions Adventurous USD – a higher risk model designed for investors willing to take a higher level of risk in return for potential for higher growth.

The RL360 Model Portfolio Solutions funds have a 1% annual management charge.

This comes several months after International Adviser reported that IFGL agreed to buy the international Sipp and Ssas administration business of Sovereign Group.

SPS is based in Bromborough, Wirral. Established in 2003 as MW Pensions, it was acquired by Sovereign Group in 2016 and rebranded.

The company will continue to be based in Bromborough, Wirral, where it employs 45 staff. Work will now begin to rebrand SPS as IFGL Pensions by the middle of 2023.

‘Ambitious plans’

David Kneeshaw, IFGL chief executive, said: “We are delighted we can now officially welcome SPS into the IFGL family. We have ambitious plans for their future – as I said when we announced the deal last year, this is a strategic acquisition which will allow IFGL to provide a wider range of services and value to customers and advisers.

“There is a gap in the market for a service-led and cost effective Sipp proposition and SPS, soon to be IFGL Pensions, will be able to fill that gap.”

Sovereign Group chief executive Gerry Kelly added: “Our work with IFGL since the deal was announced in August 2022 has confirmed that we made the right choice to take the business forward and we wish IFGL and the dedicated staff of SPS every success in the next stage of their development.”

In January 2023, international private equity firm Cinven became the majority investor of the RL360, Ardan International and Friends Provident International parent company.

The deal, which was announced last year, sees the PE firm succeed Vitruvian Partners as IFGL’s majority backer.

Isle of Man-headquartered IFGL owns the RL360, Friends Provident International and Ardan International brands.

David Kneeshaw, IFGL group chief executive, said: “Completing this deal means that IFGL is now ready to accelerate our ambitious plans for growth.

“Cinven have significant expertise in the financial services sector and share our vision for the future. Their financial backing means we are ideally-placed to expand significantly through both organic and new market growth and through further mergers and acquisition activity.”

In August 2022, IFGL agreed to acquire the international Sipp and Ssas administration Sovereign Pension Services (SPS).

Cinven has its own M&A plans as it recently raised €1.5bn (£1.32bn, €1.71bn) for life and wealth expansion.

Sovereign Pension Services (SPS) is based in Bromborough, Wirral. Established in 2003 as MW Pensions, it was acquired by Sovereign Group in 2016 and rebranded.

Financial details were not disclosed.

The announcement comes six months after it was revealed that private equity firm Cinven was to success Vitruvian Partners as the majority investor in IFGL. At the time, IFGL chief executive David Kneeshaw (pictured) said the change would “accelerate the group’s ambitious plans for growth”.

Kneeshaw said SPS “is a strategic acquisition which will allow IFGL to provide a wider range of services and value to customers and advisers”.

“There’s a gap in the market for a service-led and cost effective Sipp proposition, and we were attracted to SPS specifically because of their strong reputation among advisers.”

Sovereign Group chief executive Gerry Kelly described Sipps as “an integral part of the success of Sovereign’s pension offering”.

“On meeting with IFGL, it became clear that it was the right partner to develop this segment further, allowing Sovereign to focus on building the corporate and trust side of its business in the UK.

“This acquisition also provides new opportunities for our [45-strong] dedicated workforce in the Wirral, who are very much looking forward to being part of the IFGL family.”

See also: INTERVIEW: RL360 chief executive on FPI acquisition