Life assurer Standard Life (SL.) has agreed to buy Phoenix's fund manager, Ignis Asset Management, for £390m in cash.
IC TIP:
Buy
at
375p
Ignis will bring a hefty £68.6bn of assets under management to Standard Life - boosting the group's assets under management to more than £250bn. The move will also help to further accelerate the group's already well established move towards successfully managing funds for external clients.
