Any company results season is an opportunity to take a snapshot of a business at a particular point in its life cycle. Standard Life (SL.), which has been on a long journey from life assurer to asset manager, posted on Wednesday its last set of interim results as an independent entity, before its tie-up with Aberdeen Asset Management (ADN). Click here for our take.
As I've written before in our Taking Stock column, there are downsides to this particular evolution. Perhaps scale-at-all-costs is the only answer that investment management companies can provide to the frightening growth of low-cost, passively invested strategies.
But further outflows from Standard Life Investment's flagship multi-asset strategy, GARS, suggest the creature that will emerge from the chrysalis will be a big fund manager with lots of costs and an inflows problem. At least Standard Life has other tricks to bring to the party, as it continues to grow well in workplace and adviser-distributed savings.
While I'm talking about financial services mergers, all seems to be going well at interdealer broker TP Icap (TCAP), which is ahead of schedule in delivering synergies from the integration of what was Icap's voice broking services. At the time of the deal, Tullet Prebon was seen from some quarters as getting the raw end: saddled with a people-intensive, declining business.
Well, there is some juice to squeeze, yet. Click here for our take on its first-half progress, which – in addition to that operational progress – grew revenue thanks to central bankers rising from their long slumber to stir up the rates markets.
A company whose future looks uncertain is 'Internet of Things' specialist Telit Communications (TCM). Click here for our take on its terrible week. The shares' discount to sales suggest this falling knife is ready for the catching, but the outlook for revenue has altered substantially and the balance sheet is weaker than analysts had expected. As a smarter colleague remarked, it's worth asking why it was bothering to pay a dividend in the first place.
There is far more below. Do scroll down or head to the shares section of our site. Follow me on Twitter @iankmsmith and the team @IChronicle
