Standard Life in talks with Phoenix to buy fund manager that controls almost £70bn of savers’ money
Standard Life has confirmed it is in 'exclusive and advanced' talks to buy fund manager Ignis Asset Management from rival insurer Phoenix Group.
An offer of around £400million is reportedly being mooted for Ignis, which controls almost £70billion of investments for between five and six million people, but no financial details were officially disclosed.
The Government relaxed rules forcing pensioners to buy an annuity at retirement in last Wednesday's budget, potentially making deals in the asset management industry more attractive to suitors.
Looking to seal the deal: Standard Life is in talks with Phoenix
It is estimated up to £15billion a year could find its way to the mutual fund industry following the changes.
A deal to buy Ignis would significantly boost the size of Standard Life's fund management arm, which has around £184billion pounds under management at present.
Phoenix, which makes money by buying life insurers that are closed to new customers and running them more efficiently, is selling off companies to reduce its £2billion debt pile.
Standard Life said in a statement: 'Discussions are ongoing and there can be no certainty that any transaction will be agreed. Standard Life Plc will make further announcements if and when appropriate.'
Phoenix said it would post an update on the deal when it reports its annual results on March 26.
Standard Life shares rose 0.6 per cent or 2.2p to 368.2p in early trading, while Phoenix gained 4 per cent or 29p to 717p.
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