MetLife has closed its UK wealth management division to new business citing the current long term low interest rate environment.
The wealth management business was launched in 2007, and has boosted its assets to £5bn since the inception.
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Commenting on the closure, MetLife UK managing director Dominic Grinstead, said: “Whilst our wealth management products deliver good outcomes for our customers, the ongoing challenge of long-term low interest rates has made it difficult to deliver value for MetLife.”
The company said that it will now focus on the growth of its employee benefits and individual protection business.
“We will work with our colleagues to support them as we go through this important transition. We are committed to providing the highest level of service to our customers and financial advisers,” Grinstead added.
MetLife, however, committed to maintaining high service levels for current wealth management customers and their advisers.
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