LONDON-- Standard Life PLC said Monday it is "in exclusive and
advanced" talks with Phoenix Group Holdings over a potential
acquisition of Ignis Asset Management Ltd, in what would be the
latest move to consolidate the fund management industry.
The Edinburgh-based financial group was responding to weekend
news reports that valued the deal at around GBP400 million ($665.4
million).
Standard Life, which didn't disclose any financial details of
the deal, said discussions are ongoing but cautioned that there can
be no certainty that any transaction will be agreed.
Phoenix also confirmed the talks and said it would update the
market when it reports annual results on March 26.
Ignis has assets under management of about GBP67.6 billion,
according to its website, largely in fixed income. Standard Life
manages over GBP244 billion of assets.
A deal between Standard Life and Phoenix would follow
consolidation elsewhere in the fund management industry, with
Aberdeen Asset Management PLC buying Scottish Widows Investment
Partnership from Lloyds Banking Group PLC last year.
Write to Ian Walker at ian.walker@wsj.com
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