Pearl finally looks set to complete its takeover of Resolution after the FSA approved its change of control applications.
In a statement to the stock exchange this morning, the groups announced the acquisition is now likely to be effective on 1 May.
The FSA has also approved Royal London’s application for acquiring certain Resolution assets.
"We congratulate Pearl on achieving change of control approval in such challenging market conditions,” Resolution chairman Clive Cowdery says.
“By integrating Resolution's closed life funds, they will create a scale operation with significant further strategic opportunity, and we wish Pearl every continued success in the closed life fund sector."
Pearl chief executive Jonathan Moss adds: “This clears the way for the court hearings, which are being held on the earliest available dates. We look forward to completing the acquisition and creating the UK’s largest manager of closed life funds.”
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