Alpha Growth Plc, a financial services specialist in the life insurance and longevity asset class, has announced that it has completed a share purchase acquisition of Old Mutual International (Guernsey) Ltd.
Following completion of the acquisition, the entity is now renamed as Alpha International Life Assurance Company (Guernsey) Ltd (AILAC).
Moreover, the acquisition adds $275 million of AUM to Alpha, significantly increasing the company’s total AUM to ~$700 million. Alpha also noted that it’s revenue will also increase significantly due to the increase in AUM.
At the same time, the acquisition will also significantly increase Alpha’s assets under management, as well as provide an excellent platform for Alpha to offer both life insurance-based wealth management products and life insurance linked funds, either originated by Alpha or through other partners, to a broad base of European based UHNWI, family offices and institutions.
Additionally, the Directors of the Company’s subsidiary Providence Life Assurance Company (Bermuda) Ltd – Gobind Sahney, Jason Sutherland, and Dan Gray will all be joining AILAC’s board.
Gobind Sahney, Executive Chairman of Alpha, commented: “Our aim at Alpha is to help our clients both build and protect wealth, whilst also generating significant returns for our shareholders. The completion of this acquisition is an incredibly significant step in our goal of managing over $2 billion of AUM by 2025 and is just one of several exciting initiatives our team have been progressing.
“We are also in the final stages of completing our previously announced (on 17 November 2022) acquisition of Havelet Assignment Company Limited and I look forward to updating our shareholders in due course. With continued and ongoing market volatility caused by world events further underpinning the appeal of our uncorrelated offerings, as well as the potential for certain acquisition opportunities presenting themselves over the course of the next 12 to 18 months, there is a possibility, if all goes well, that we may beat our target of reaching $2bn of AUM by 2025.”