AUB Group has taken a "key step" in expanding its retail broking footprint in Britain, with plans to acquire a 40% stake in authorised representative network Momentum Broker Solutions.

The Australian listed intermediary group says under the equity partnership agreement it will "leverage its experience and capabilities operating market-leading delegated authority and authorised representative networks in Australia and New Zealand into the UK market, for the benefit of Momentum’s broking partners and clients".

The move, subject to regulatory approval, follows AUB's $880 million acquisition in 2022 of Tysers, a Lloyd’s wholesale broker with a retail division.

"Our investment in Momentum is a foundational step to enable AUB’s strategy to build scale and capability in the UK retail broking market, a segment of significant interest given our experience and capabilities in this area in the Australian and New Zealand markets," AUB CEO and MD Mike Emmett said.

Momentum has more than 100 AR partners placing more than £90 million ($173 million) in premium in the market. Its founder and MD Howard Pepper says the new partnership "aligns to our strategic agenda, given AUB’s model enables us to retain our independence while providing access to unparalleled expertise and expanding our ability to invest in the further growth of Momentum and our AR partners".