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.

Standard Life in exclusive talks to buy Ignis for £400m

Standard Life in exclusive talks to buy Ignis for £400m

Standard Life is in exclusive and advanced talks about acquiring Ignis Asset Management with its parent Phoenix Group.

The talks, which have been confirmed by both parties, could result in a deal estimated to be worth around £400 million.

Ignis, which has £67.6 billion in assets under management, reported net inflows of £500 million in the third quarter last year, which chief executive Chris Samuel (pictured), attributed to strong sales of its Absolute Return Government Bond fund.

In a statement, Phoenix said: ‘Following an approach from Standard Life, Phoenix Group confirms that it has entered into exclusive discussions with Standard Life regarding a potential bid for Ignis Asset Management. Discussions are at an advanced stage but there is no certainty any transaction will be agreed. Phoenix will update the market at the time of its annual results on Wednesday 26 March.’

Standard Life, similarly, said: ‘Standard Life confirms that it is in exclusive and advanced discussions with the Phoenix Group regarding an acquisition of Ignis Asset Management. Discussions are on-going and there can be no certainty that any transaction will be agreed. Standard Life will make further announcements if and when appropriate.’

Consolidation has been continuing apace in the UK fund management sector. Bank of Montreal agreed to buy F&C Asset Management for £708 million in January, while Aberdeen finalised terms on its £550 million acquisition of Scottish Widows Investment Partnership last November.

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 Biotech Growth: we will ride out this storm

Biotech Growth: we will ride out this storm

Geoffrey Hsu of Biotech Growth Trust says the sell-off in biotechnology stocks represents a buying opportunity for long-term investors.

Play Sector Spotlight: Kleinwort Benson's Choukeir on UK equities

Sector Spotlight: Kleinwort Benson's Choukeir on UK equities

In our first Sector Spotlight of the year we explore UK equities on the back of the extreme market turbulence in 2016.

Play Picton: the UK property hotspots for rental income

Picton: the UK property hotspots for rental income

Picton Property Income CEO Michael Morris reveals how he is planning to ride the ‘ripple effect’ as UK economic growth spills out from the capital across the country.

Your Business: Cover Star Club

Profile: PortfolioMetrix is on a mission to kill 'Frankenstein' systems

Profile: PortfolioMetrix is on a mission to kill 'Frankenstein' systems

In a buyers’ market for off-the-peg discretionary management, self-funded start-ups begin at an inherent disadvantage

Wealth Manager on Twitter