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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.

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