SLI agrees acquisition of Ignis

Standard Life Investments has announced the acquisition of Ignis Asset Management for £390m in cash.

SLI said the deal, which is still subject to regulatory approval, would provide complementary strengths to its existing business, in areas such as investment capabilities and its third party client base.

The combined business will offer active management for institutional and wholesale clients, discretionary wealth management for high net worth private clients and outcome orientated products for maturing pension schemes and insurance companies, SLI said.

The deal will also result in SLI providing assest management services to Ignis’ previous parent Phoenix Group. This includes the “potential to manage future books of assets that Phoenix may acquire”.

Once approved, the integration of the two businesses will facilitate SLI achieving a new EBITDA margin of 45%, the manager said.

Ignis has some £59bn in AUM as of 31 December 2013, and earned revenues of some £150m through last year, SLI said.

Keith Skeoch, chief executive of Standard Life Investments, said: “This acquisition is entirely complementary, deepening our investment capabilities, broadening our third party client base and strengthening our strategic position from which to develop a business in the rapidly developing liability aware market. Standard Life Investments continues to perform very strongly. 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.”

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