Hugh Osmond, pubs and pizza entrepreneur, is to take ownership of HHG's closed Pearl, London Life, and NPI life insurance funds, reports The Daily Telegraph.
Officially to be announced later today, the deal will see £1bn in cash handed over to HHG, which was spun out of Australia’s AMP last year, while fund management group Henderson – the remaining part of HHG – gets a 10-year deal to managed the life funds. Shareholders in HHG will get £875m returned via a special share buy-back. Osmond previously bid for the closed life business of Royal & Sun Alliance, but lost out to Resolution Life Group, the paper says. The HHG business bought will be named Pearl, and remain run by largely the same management team as currently. UK EMPLOYERS SH...
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