Standard Life says in talks to buy fund manager

24th March 2014, Comments 0 comments

British financial services provider Standard Life said Monday that it was in "advanced" talks to purchase fund manager Ignis from owner Phoenix Group.

The Edinburgh-based firm confirmed the talks after weekend newspaper reports suggested it had tabled a bid of £400 million ($660 million, 479 million euros).

"Standard Life plc notes recent press speculation and confirms that it is in exclusive and advanced discussions with Phoenix Group Holdings regarding a potential acquisition of Ignis Asset Management Limited," it said in a statement, but gave no indication of price.

"Discussions are on-going and there can be no certainty that any transaction will be agreed."

The group added that it would make further announcements if and when appropriate.

Ignis has assets under management of approximately £67.6 billion, while Standard Life manages over £244 billion of assets.

© 2014 AFP

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