Standard Life has tabled a reported £400m bid for Ignis Asset Management.
Ignis’ parent company Phoenix Group confirmed it is in advanced talks with Standard Life over the potential bid.
Other firms interested in acquiring Ignis are Canadian banking group RBC and the Australian investment house Macquarie, according to report in the Sunday Times.
Ignis has £68bn in assets under management, and key funds include its £2.5bn Absolute Return Government Bond product, managed by Stuart Thomson and Russ Oxley, and George Shaw’s £1.2bn UK Property fund.
The group said in a statement: “Following an approach from Standard Life plc, Phoenix Group confirms that it has entered into exclusive discussions with Standard Life plc regarding a potential bid for Ignis Asset Management. Discussions are at an advanced stage but there is no certainty any transaction will be agreed.”
Phoenix will release an update when it posts its annual results on Wednesday.
The fund management space has seen several big deals made in recent months as the consolidation theme gathers pace. The Bank of Montreal agreed to acquire F&C Asset Management in January for £708m, while last week Aberdeen received regulatory approval for its £660m takeover of SWIP. Meanwhile, last summer Schroders bought Cazenove Capital in a £424m deal and Miton acquired Psigma Asset Management for £13m.
Caring for children and elderly relatives
Similar to June 2007
Square Mile’s series of informal interviews
Fine reduced to £60,000
Two roles created