MetLife pulls plug on wealth management business

MetLife said it will be refocusing its strategy to drive the growth of its employee benefits and individual protection businesses. Illustrations for new wealth management business ceased at 5pm on Friday 7 July, with existing applications accepted until 5pm on Friday 28 July. Managing director Dominic Grinstead said despite the business' growth to £5bn of assets under management since its launch in 2007, the ongoing challenge of long-term low interest rates had made it difficult to deliver value. "We will work with our colleagues to support them as we go through this important tran...