Standard Life has completed its acquistion of Ignis Asset Management.
In March Standard Life announced its intention to buy Ignis Asset Management from its parent company the Phoenix Group for £390 million.
As part of the transaction, Standard Life Investments will provide asset management services to Phoenix’s life company subsidiaries including the potential to manage future books of assets that Phoenix may acquire.
The cash consideration received was £390 million, of which £250 million will be applied as a prepayment of the Impala debt facility.
The completion of the deal happened after it received authorisation from the Financial Conduct Authority (FCA) to the proposed change in control.
Keith Skeoch (pictured), chief executive of Standard Life Investments, said the acquisition was part of the company's growth strategy.
'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.
'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.'