Resolution readies 'self-managed' exit from Friends in 2014

clock

Resolution is preparing a "self-managed" exit from Friends Life in 2014 that would see the company split between a fit for purpose life company and a closed life fund consolidator.

In an update today, the acquisition vehicle founded by entrepreneur Clive Cowdery said it remains its intention to look for exit options involving mergers and acquisitions for its so-called UK Life Project, but that it is also important to develop an in-house exit strategy. The "most attractive" self-managed option would involve a division of Friends into two separately listed businesses. The first, OpenCo, would consist of the UK 'Go to Market' business units, the overseas businesses, Sesame Bankhall Group, and associated support businesses, while HeritageCo would consist of the UK H...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Service

L&G ploughs £40k into stroke awareness campaign

Legal & General has agreed to provide £40,000 in sponsorship for Action on Stroke Month in May 2014.

clock 10 January 2014 •

Zurich chairman resigns after CFO 'suicide'

The chairman of Zurich insurance group has resigned days after the apparent suicide of chief financial officer Pierre Wauthier.

Carmen Reichman
clock 29 August 2013 •

Zurich CFO found dead

The chief financial officer of insurer Zurich Group was found dead at his home yesterday morning.

Carmen Reichman
clock 27 August 2013 •