Standard Life Puts Up $645M For UK Asset Manager

Law360, New York (March 26, 2014, 2:09 PM EDT) -- Investment house Standard Life plc's management arm on Wednesday agreed to acquire U.K.-based Ignis Asset Management from insurance services provider Phoenix Group Holdings for £390 million ($645 million) in cash, according to a statement.

Standard Life Investments will provide asset management for Phoenix subsidiaries as part of the deal, the companies said. Standard will gain more experts in government bonds and liquidity with the deal, expanding its absolute return government bond fund. It will also add more third-party clients.

Phoenix said that the divestment would allow...
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