Pearl says it intends to create a "powerful new force" in asset management as soon as its forthcoming acquisition of Resolution is completed.
In a statement released this morning, Pearl outlined how its own in-house manager Axial will combine with Resolution Asset Management (RAM).
It says the transition will go smoothly as the businesses are “complementary with no overlap”.
Pearl currently has a long-standing relationship with Henderson Global Investors, which manages more than £19bn for Pearl, some 31% of Henderson’s total assets under management. Today's announcement raises questions about the future of this relationship.
“Pearl is committed to the long term third party business of RAM and sees significant opportunities to grow this both within the RAM based funds together with the recently established boutiques,” the statement reads.
“There is also substantial opportunity for RAM to increase its assets under management by taking on life company assets within the existing Pearl Group together with those of future Pearl acquisitions.”
Pearl will create a steering group to formulate a strategy for the new business and the new entity is expected to operating as a separately capitalised business.
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