Resolution Ltd is set to float with the maximum £660m backing from investors after Citi exercised in full an over-allotment option entitling it to an extra £60m worth of ordinary shares.
The new venture founded by entrepreneur Clive Cowdery intends to buy up distressed financial assets including insurers, banks and asset managers. Other confirmed investors include Aviva and Prudential, which have purchased £50m each, Lloyds TSB and Legal & General. Unconfirmed investors include Standard Life and Royal London Asset Management (RLAM). The Resolution team, including former FSA chief John Tiner, is investing £20m in the company as part of the placing, which it says represents about 3% of ordinary shares. Entrepreneur Cowdery offloaded his original Resolution company to th...
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