The £5.6bn deal is scheduled to complete on 13 April, while Van Der Wielen will depart on 1 July after helping Aviva’s chief executive of global life insurance Chris Wei with future management structures and other transitional work.
Van Der Wielen told International Adviser: “I am very happy with this outcome. The Aviva deal will be very good for FPI because they become a part of a business that is far more experienced in international markets. Friends was very UK centric. Chris Wei is an excellent guy and wants to grow Asia.”
The respective international operations of the two groups appear to fit notably well together in Asia, where in broad brush terms Aviva focuses on the mass market whereas FPI locks onto high net worth individuals.
Geographically, Aviva is stronger in Singapore than Hong Kong and vice versa for FPI.
Wei was hired last year as a heavy hitter by Aviva chief executive Mark Wilson, who said in December that Wei was “very interested in parts of FPI”.
The acquisition comes as FPI completes the roll-out of a new platform system for processing business, at a cost of £35m, as part of Van Der Wielen’s planned five year turnaround plan for the business.
Having spent the last eight years in the UK, Van Der Wielen said he intends to return to his home country, Australia, at the end of this year. He will remain on the board of Lombard as a non-executive director.
In a statement, Aviva said that its chief executive of the UK and Ireland Life business David Barral is also to leave at the end of May.
Friends Life chief executive Andy Briggs will become chief executive of the enlarged UK & Ireland life business, subject to regulatory approval.
