Standard Life: Company open to acquisitions of rival platforms

on Jan 10, 2014
Updated: Oct 21, 2019
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iNVEZZ.com, Friday, January 10: Standard Life Plc (LON:SL) is open to acquiring rival platforms if an opportunity presents itself, according to a today report by Money Marketing. In an interview with the financial services-focused newspaper, the head of platform propositions David Tiller at Standard Life said that the company is not “actively seeking buying a platform but clearly if opportunities exist we would have a look at them”.

In other Standard Life news, the company announced earlier this week that it has appointed Patrick Granger as a Senior Business Development Manager in its Workplace business. Granger had previously worked at British insurer Aviva Plc (LON:AV).
In today’s trading, Standard Life shares gained 1.9 percent to 376.40p as of 12:53 UTC.
**Open to acquisitions**

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Tiller didn’t rule out possible acquisitions, but noted that any future purchases would not be straightforward. “There may be acquisitions but it is fraught with difficulty and risk in terms of understanding what you are buying, how much of the assets will be retained and how much technical synergy you can achieve,” Tiller said as quoted by Money Marketing.

He said that the company could be looking to acquire assets as existing platform providers exit the market.
Tiller also observed that the push of the UK’s Financial Conduct Authority to create an industry standard for re-registration of platform assets was, in his opinion, designed to insure against the risks posed by a platform leaving the market.

**Appointment**

Standard Life announced on Tuesday the appointment of Patrick Granger as a Senior Business Development Manager in its Workplace business. He will be responsible for supporting and further developing relationships with corporate advisers. Ganger, who has worked in the pensions, benefits and investment industry for 25 years, will report to Martin Trenchard, Standard Life’s Head of the Partnered Business Development team.

Commenting on Granger’s appointment, Trenchard said: “Patrick brings with him a wealth of knowledge of this sector, having spent 25 years in the pensions, benefits and investment markets and we are delighted he is joining our team.”
Granger’s most recent experience is as Head of Distribution and Business Development at Aviva, a position he served from 2010 until 2013.
Granger said that he was delighted to be joining the company.
**As of 13:29 UTC buy Standard Life shares at 377.00 pence**
**As of 13:29 UTC sell Standard Life shares at 376.50 pence**
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