MLP AG
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- Peter Lütke- Borne box, Chairman
MLP AG (formerly Marschol, Lautenschlager and Partners Ltd. ) is a 1971 by Manfred Lautenschlager and Eicke Marschol was established in Heidelberg Financial distribution company based in Wiesloch in Baden- Württemberg. The subsidiary MLP Financial Services AG has a banking license and has worked as a financial institution.
The company provides as a broker pursuant to § 93 HGB financial products such as insurance, investments and financing. The target group of the company calls this academics and discerning private clients.
- 2.1 Company founded in Heidelberg
- 2.2 IPO and ascent
- 2.3 accounting scandal in 2002
- 2.4 Consolidation from 2003
- 2.5 Current Situation
Business
MLP AG sells as claims to be " a large independent financial services provider with a full banking license" offers of more than 100 partner companies in the areas of investment, asset management and risk management. The company has specialized in the core target group of academics (especially doctors, lawyers, economists and engineers).
The majority of the deals brokered by MLP consists of life and annuity of layers 1, 2 and 3, ie the pension, the disability insurance, health insurance, all lines of insurance, investment products, real estate and finance practice. In addition, through its subsidiary MLP MLP Financial Services Ltd, which is authorized by the BaFin as a credit institution, banking services such as current accounts and credit cards.
MLP achieved 2010 sales of 774,500 customers 522.6 million euros. The company currently employs 1,672 permanent employees and 2,273 self-employed consultants. The supervised MLP client assets in 2009 amounted to 19.8 billion euros. In 2011, MLP generated with 794 500 private and over 5,000 business customers total revenues of 545.5 million euros.
Business Model
MLP offers financial companies, such as insurers and funds for distribution of their products due to the relative prosperity of academics and their usually not danger-prone work an attractive target group. Business partner offer the company therefore appropriate brokerage. External agents, such as MLP allow financial companies, such as banks, insurance companies and fund companies, low cost access to the market as investments for the construction and maintenance of its own distribution network omitted. MLP is not a multi-level marketing, because the employees are not prompted more people to advertise on their contracts they then earn the money.
MLP advertises potential customers already in the universities, where possible each customer an academician of his profession is allocated as conversation and business partners. Customers need not pay directly for advice and product placement by the agent due to the compensation system. MLP receives from the company whose product has been recruited, a brokerage fee. A portion of this commission is passed on in the form of a commission to the agent. The former often criticized transparency of the costs of a contract provides better today is because the current commission scheme was in Germany for all market participants when the new Insurance Contract Act ( VVG) as of July 1, 2008. Today the cost of a contract before signing a contract in euro must and cent are reported. The legislator wants to thereby ensure greater consumer protection and transparency.
Personnel structure
The customers of MLP are supervised by independent sales representatives. Each MLP Trade Representative 's office is in an office leading a branch manager as a profit center in its own economic risk.
MLP preferred due to its targeting consultant with an academic background. Among the sales representatives but also find a bank or insurance salesmen.
New consultant first undergo a three-month basic training, which is completed with a proficiency examination within the meaning of § 34d Industrial Code. After this test to / from the insurance expert / professional woman (CCI) is the acquired knowledge to practical use in another three months and it follows the exam as MLP Financial Consultant ( internal company designation). Following the in-service training for Senior Financial Consultant follows ( internal company designation). This will take another 18 months and consists of specific target groups, seminars and trainings. After a total of 24 months, the training is completed, however, the MLP consultants / interior are still trained through internal meetings, seminars and workshops.
Civil actions were repeated in the past mostly by former MLP sales representatives filed. This should be determined in each case whether the applicants were retrospectively classified as social security payments due to the Employee Group specifications. This received commission payments would be regarded as a salary and not to be repaid upon leaving the company. Since April 2007, granted MLP new sales representatives in the first year a monthly jump start into independence of 1,250 euros, while the activity is otherwise rewarded by sales commissions, inventory allowances, bonuses and incentives.
Shareholder
History
Company was founded in Heidelberg
Eicke Marschol and Manfred Lautenschlager founded MLP as Marschol Lautenschlager und Partner GbR on 1 January 1971 in Heidelberg. The business idea was firstly to win as a local insurance law students prior to their college degree as a customer. Later MLP expanded its target group to further academic audiences. By specializing in the academic clientele, the company operated a gap in the market and participated in the growing advisory, investment and retirement needs of customers throughout their careers - and their increasing wealth. Since 1972, the company serves in addition to lawyers and doctors and dentists. In the same year the name change followed to the limited partnership. 1974 KG was converted into a limited company and opened offices in Dusseldorf, Wiesbaden, Stuttgart and Bonn. With the transformation in 1984 into a corporation the conditions for listing have been created. After new target groups such as economists and engineers were added, the company was first listed on June 15, 1988 on the regulated market of the Stuttgart Stock Exchange.
IPO and ascent
After the IPO in 1988 founded in 1991 the MLP MLP Versicherung AG and MLP Versicherung AG and converted in 1993 into a holding company. 1994 was added the MLP Asset Management AG, the following year there were 50 MLP offices in Germany. In 1995, the company opened its first office in Austria was the first time abroad actively. In 1997, the recording was followed in the MDAX. In 1998 the company had 101 branches, of which seven were abroad. In addition to Austria MLP was so active in Switzerland. In 2000, MLP opened the first office in the Netherlands. 2001 moved the headquarters from Heidelberg to Wiesloch around, opened the first office in the UK and expanded the following year to Spain. In the period of rapid expansion under Termühlen Bernhard, who was Chairman of the Board since 1999, the MLP share rose from the equivalent of 55 cents in the first listing to over 170 euros in the tip. On 30 July 2001, the inclusion of the share followed in the DAX.
Accounting scandal in 2002
With the crisis in the balance in 2002 MLP experienced after 31 years of uninterrupted expansion of a serious crisis. According to the balance sheets Termühlen always achieved the prescribed him growth targets of 20 to 30 percent annually. 2002 doubted the trade press as a result of the May 16, 2002 in Exchange Exchange Online magazine published the article " The true MLP Story" about the legality of the balance sheets. The magazine claimed that loans from reinsurers have been designated as corporate profits. MLP then gave several opinions in order that attested to the Group subsidiaries, a pugnacious, but proper accounting. A poll demanded on the SdK overall balance ("Consolidated Balance Sheet" ) refused the Group.
The statements in the article were referred to in the trade press later as " misinterpretation " which have not been invalidated by the defensive communication of the company. Because of the accusations and the loss of confidence of investors in the company's share price fell by almost 90 percent. 2004 was raised against Termühlen and two employees indictment. In May 2007, the trial of circulation of money payments cease. In addition, the Mannheim Regional Court expressed concerns and doubts about the proportionality between the expected punishment and procedure length.
Consolidation from 2003
In January 2003, Uwe Schroeder- Wildenberg first took over the post of Chief Financial Officer, which had been exercised by then in personal union by the MLP CEO Bernhard Termühlen. End of October 2003 joined the strongly been criticized Termühlen down as CEO of MLP AG. On 17 December, the Supervisory Board Schroeder- Wildenberg appointed with effect from 1 January 2004 officially became the CEO. 2003, the share of the company left the DAX and is listed by June 18, 2010 at the MDAX. Since it is in the SDAX
2005 MLP Versicherung AG was sold to Clerical Medical International Holdings BV and subsequently traded as Heidelberger life insurance AG. The MLP Versicherung AG was sold to the Gotha and is now called Janitos.
2006 MLP AG took over the Financial Advisor Feri Finance AG at a price of 64.4 million euros. In the same year granted the Federal Financial Supervisory Authority ( BaFin) of the MLP Group, MLP Financial Services AG sales subsidiary, the license for investment and acquisition services according to § 32 KWG. Thus, the MLP account manager have to give the possibility also about mutual funds beyond investments. Mid-2007, merged the MLP Bank AG and MLP Financial Services AG. MLP operates as a financial intermediary with a full banking license.
As part of the consolidation MLP decided to focus on its core market of Germany and therefore withdrew in 2007 from the UK and Spain. 2008, the company gave up its remaining foreign activities in Austria and the Netherlands. 2009 took over MLP ZSH GmbH, a specialist in advising physicians financial agent, for eleven million euros.
Current Situation
2008 MLP was faced with the attempted hostile takeover. The then AWD CEO Carsten Maschmeyer was surprisingly ownership of 26.76 percent of the MLP shares known to have been transferred to the insurance company Swiss Life. Swiss Life had previously bought the AWD. To fend off the takeover attempt and preserve the independence, MLP responded with a capital increase by nearly ten per cent, of which the insurance company Allianz SE, Axa and HBOS involved. Thus, the MLP share of Swiss Life dropped below the critical limit for a blocking minority of 25 percent. After the failed takeover attempt Swiss Life sold in early 2009 a portion of its shares MLP (nearly 9.9 percent ) to the insurance group Talanx. Swiss Life thus reduced its MLP share to 15.9 percent. In December 2009, the Swiss Life separated from other MLP shares, so that the share has continued to decline to 9.9 percent. Thus, there is no company that is involved with 10 percent or more in MLP.
End of 2008, was the founder and longtime Board chairman Manfred Lautenschlager from the Supervisory Board chairperson Peter Lütke- Borne field, but remained as a member of the Supervisory Board.
In April 2011 took over MLP, as in 2006 already provided the remaining 43.4 % stake in Feri Finance AG by the partners.
Technology
The MLP Financial Services AG is affiliated with the cooperative data center Fiducia IT AG in Karlsruhe and used as core banking system whose software agree.