Scotland business

Scottish Friendly reaches funds milestone of £1bn

Fiona McBain Image copyright Scottish Friendly
Image caption Chief executive Fiona McBain said the mutual had shown growth "on all fronts" last year

Financial services group Scottish Friendly has reached a milestone of £1bn of funds under management for the first time.

The Glasgow-based mutual said its managed funds climbed by 8% last year to almost £1.08bn.

Total sales in 2014 also rose by 5% to £21.6m.

Scottish Friendly said strong growth from partnerships, such as one with Sun Life Direct, helped to increase sales and membership numbers.

In February this year, the mutual announced a proposed takeover of Marine and General Mutual (M&GM) in a move that will double its assets to more than £2bn.

The transfer is due to complete on 31 May, subject to final approval.

'Great year'

Chief executive Fiona McBain said: "Scottish Friendly has had a great year and we are very pleased with the progress we have made. Significant business growth continues to build the foundations for long-term success.

"The transfer of M&GM to Scottish Friendly will be the biggest in the group's history. When complete, it will be a landmark moment for our business that will bring great opportunities and significant economies of scale.

"The organisation has adopted a long-term three-part strategy of mergers and consolidations, organic growth and business process outsourcing.

"We have shown growth on all fronts over the past year and expect to continue to be well-placed to seek out new opportunities in the future."

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