LONDON, March 26 British insurer Standard Life
on Wednesday announced the acquisition of Ignis Asset
Management from Phoenix Holdings for 390 million pounds
Standard said the deal, which would be funded in cash from
existing internal resources, would result in an enhanced
earnings before interest, tax, depreciation and amortisation
(EBITDA) margin of 45 percent by 2017.
The deal would also result in cost savings exceeding 50
million pounds by the third full year of ownership.
"The acquisition of Ignis will complement Standard Life
Investments' strong organic growth and strengthen its strategic
positioning," Standard said in a statement.
"It will deepen its investment capabilities, broaden
Standard Life Investments' third party client base and reinforce
its foundation for building a business in the rapidly developing
liability aware market."
($1 = 0.6059 British Pounds)
(Reporting by Simon Jessop; Editing by Francesco Canepa)