INSURANCE MUTUAL Standard Life has won the largest single piece of new business in its 181-year history just two months before it is due to float on the London Stock Exchange with a £5.5bn price-tag, reports The Daily Telegraph .
According to the paper, the Edinburgh-based insurer clinched a £700m pension deal with investment bank Citigroup, beating off what is understood to be fierce competition from at least two rival providers. Citigroup, the world's largest investment bank, has four defined contribution schemes worth a total of £700m, with 20,000 members. Standard Life will provide the investment platform for the four schemes, from which some of the £700m will be invested through Standard Life funds.The rest will be invested with other major fund management companies. The pensions mandate was awarded by th...
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