LONDON (ShareCast) - Standard Life has completed the £390m purchase of Ignis Asset Management from insurance peer Phoenix Group.

The deal, which has now received approval from the Financial Conduct Authority, was first announced in March and was a move by Standard Life to bolster its investment management division.

"The acquisition of Ignis is another step in Standard Life Investments' growth story, reinforcing our strong foundations, broadening our third party client base and increasing the range of investment solutions we offer," said Standard Life Investments' (SLI) Chief Executive Keith Skeoch.

"We look forward to working with our new colleagues and welcoming new clients to Standard Life Investments. Our priority remains the continued delivery of strong investment performance and the highest level of client service," he said.

Standard Life said it made the acquisition on "attractive terms", paying 7.5 times operating profits for the unit before synergies.

The company said Ignis will be earnings-enhancing from the first full year of ownership and will accelerate SLI towards its new operating profit margin target of 45%.

BC

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