BUSINESS TYCOON Hugh Osmond may now be the main contender for purchase of HHG's closed life assurance funds after he reportedly threatened to impose a "break fee" on the firm should they reopen talks with Resolution Life, say both the Timesand the Daily Telegraph .
HHG was the life and fund management business of AMP but was spun-off in 2003 as a separate business, and now contains the assets of NPI, Pearl London Life and Henderson fund management. Despite being offered £1.15bn by Resolution Life for purchase of the closed with-profits book, it looks as though the deal could go to Osmond as he increased the offer to £1.07bn but told the firm they will have to pay a £45m “break fee” if they start talking to Resolution or anyone else. FLEDGLING British companies found it harder to secure financial backing from venture capital firms last year than ...
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