Edinburgh-based pensions and insurance firm Standard Life has completed the purchase of Ignis Asset Management from a subsidiary of Phoenix Group Holdings for £390m.
The acquisition, made by Standard Life Investments (Holdings), follows the Financial Conduct Authority’s consent to the proposed change in control.
Standard Life confirmed in March that it was in talks to buy the rival fund manager. At the time, Ignis had £67bn of assets under management, bringing the assets under management of Standard Life’s investment business to just over £250bn.
Keith Skeoch, chief executive of Standard Life Investments, said: “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.”
annabel.dixon@estatesgazette.com
