Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Phoenix rejects takeover bids for Ignis

Phoenix rejects takeover bids for Ignis

Life assurance firm Phoenix Group has rejected a raft of takeover bids for Ignis said to be in the region of £400 million, according to reports.

According to Sky News, the bids were made at the end of last year with the news broadcaster claiming Aberdeen Asset Management was one of the interested parties.

The news comes after Ignis chief executive Chris Samuel recently outlined an ambitious strategy for the firm in an exclusive interview with Wealth Manager. His plans included product development, hires and entering new business arenas such as the liability driven investment space, the latter of which builds on its life assurance roots.

Samuel has also ended the joint fund management ventures the group had in place in order to focus on core business, while new hires have been tasked with streamlining the firm’s product range.

Ignis merged with axial Investment Management in 2009 to appear in its current form.

Its parent group Phoenix has also been in discussions in the past with Resolution and CVC Capital Partners, with regards to the firms potentially buying Phoenix, although the talks did not amount to a takeover.

Phoenix Group declined to comment.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play French fund CEOs: 'Brexit is a lose-lose situation for all of us'

French fund CEOs: 'Brexit is a lose-lose situation for all of us'

'We'll all lose out - but London is an international city, Paris is not.' Leading French asset management CEOs tell us what they think Brexit will mean for the investment business.

Play Henderson Eurotrust's Stevenson: dealing with European cynicism

Henderson Eurotrust's Stevenson: dealing with European cynicism

Tim Stevenson talks about where he finds his opportunities in the current environment in Europe

Play Mark Barnett - part 2: why I'm not buying Lloyds

Mark Barnett - part 2: why I'm not buying Lloyds

In the second part of our exclusive video interview, Barnett explains why he has no intention of buying Lloyds, and where he sees the greatest income opportunities.

Read More
Wealth Manager on Twitter