Standard Life Investments buys Ignis
Standard Life Investments has acquired Ignis Asset Management, signalling a major strategic shift into the funds management arena for the traditionally insurance-orientated company.
Standard Life Investments entered into an agreement with parent company Phoenix Group Holdings to purchase the asset management business for £390 million pending approval from the UK’s Financial Conduct Authority.
The acquisition will see Standard Life Investment’s third party assets under management grow to 64 per cent of its total book value and will add four new long-term contracts to its insurance client base.
Ignis had £59 billion in assets under management at the end of last year.
Standard Life Investments chief executive Keith Skeoch said Ignis was “entirely complimentary” to its existing suite.
“Continuity of investment performance and commitment to client service and relationship management remain our key priorities, with migration and integration of Ignis taking place in a controlled manner under unified management from day one,” he said.
The transaction is expected to be completed by June 30, 2014.
Recommended for you
Iress has issued an update denying the validity of “certain statements” made by an alleged threat actor, following a cyber incident last weekend.
The latest budget papers have outlined a $10 million provision for ASIC greenwashing enforcement activity as well as funds for a sustainable labelling regime to be partially met by industry levies.
Betashares has expanded its fixed income solutions with the launch of a new ETF offering exposure to subordinated bonds issued by the big four Australian banks.
The latest monthly Bank of America global fund manager survey has found investors are starting to shift cash into bonds as cash allocations reach a three-year low.