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.
Most watched Money videos
- The new Volkswagen Passat - a long range PHEV that's only available as an estate
- Mini Cooper SE: The British icon gets an all-electric makeover
- How to invest for income and growth: SAINTS' James Dow
- BMW meets Swarovski and releases BMW i7 Crystal Headlights Iconic Glow
- 2025 Aston Martin DBX707: More luxury but comes with a higher price
- Land Rover unveil newest all-electric Range Rover SUV
- BMW's Vision Neue Klasse X unveils its sports activity vehicle future
- 'Now even better': Nissan Qashqai gets a facelift for 2024 version
- Tesla unveils new Model 3 Performance - it's the fastest ever!
- Mercedes has finally unveiled its new electric G-Class
- Mini celebrates the release of brand new all-electric car Mini Aceman
- MailOnline asks Lexie Limitless 5 quick fire EV road trip questions
- Hundreds of jobs at risk as Anglo slashes funding for...
- Savers rush to open new savings accounts paying up to...
- Axe stamp duty on British shares, says Flutter boss as...
- I don't want smart meters, so Eon is charging me £316 to...
- Experian shares rise sharply as credit data giant lifts...
- Golden Virginia owner Imperial Brands bolstered by higher...
- BUSINESS LIVE: Burberry hit by luxury slowdown; Imperial...
- Tesco boss pockets £10m in biggest ever pay deal at a UK...
- Compass Group ups guidance thanks to major sporting events
- Royal Mail's future hanging in the balance as bid...
- My neighbour has started keeping bees - can I stop him?...
- How refreshing that Anglo has chosen not to grab the...
- Burberry profits plummet amid luxury slowdown and China...
- I believe prenups are so vital every couple should be...
- MARKET REPORT: Vodafone shares rally as investors cheer...
- ANOTHER UK tech star is bought by US private equity: KKR...
- De Beers eyes £4bn London float as Anglo bids to fend off...
- Tech firm Raspberry Pi confirms plans to IPO in London