Standard Life in talks to buy Ignis Asset Management from Phoenix
A potential price was not disclosed
Standard Life has a strong cash position, which should mean that the entire deal could be funded via excess liquidity within the group. Photograph: Jeff J Mitchell /Getty Images
The companies are in exclusive talks over Ignis, Phoenix’s investment unit that manages about £67.6 billion in assets, according to separate statements from the firms today. A potential price wasn’t disclosed.
“From Phoenix’s perspective, such a deal would enable it to unlock the value tied up in Ignis,” Ashik Musaddi, an analyst at JPMorgan Chase, wrote in a note to clients. He values the unit at £430 million. “Standard Life has a strong cash position, which should mean that the entire deal could be funded via excess liquidity within the group.”
Phoenix is the UK’s biggest manager of life insurance funds that are closed to new customers. – ( Bloomberg )