Standard Life share price: SLI completes Ignis acquisition

on Jul 1, 2014
Updated: Apr 9, 2020
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iNVEZZ.com, Tuesday, July 1: Standard Life Plc (LON:SL) today completed the acquisition of Ignis Asset Management Limited, a subsidiary of Phoenix Group Holdings, for £390 million, the Edinburgh-based company revealed in a statement to the London Stock Exchange.

The deal has been carried out through Standard Life Investments (SLI) – Standard Life’s investment arm, which has £191.7 billion of assets under management. Standard Life said in March, when it first announced its intention to buy Ignis, that the deal would boost SLI’s assets under management by about £59 billion and was expected to complete by the end of June

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(Standard Life share price: Group to buy Ignis for £390 million).
In today’s trading, Standard Life shares were 0.6 percent higher at 376.50p as of 9:44 BST. The company’s stock has advanced 4.65 percent since the start of the year.

**Reinforcing SLI**

“The acquisition of Ignis is another step in Standard Life Investments’ growth story, reinforcing our strong foundations, broadening our third party client base and increasing the range of investment solutions we offer,” SLI’s chief executive officer Keith Skeoch commented in today’s statement.

“We look forward to working with our new colleagues and welcoming new clients to Standard Life Investments. Our priority remains the continued delivery of strong investment performance and the highest level of client service.”
The purchase of Ignis, which employs 360 people across offices in Glasgow and London, supports Standard Life’s drive to grow its assets under management and reinforces SLI’s position as one of Europe’s leading investment houses. In terms of assets under management, the deal is poised to push SLI, with more than £250 billion, ahead of Aviva Investors and M&G .

The completion of the transaction followed the Financial Conduct Authority’s approval of the proposed change in control, Standard Life said.
**Analysts on Standard Life**
According to The Financial Times, the 18 analysts offering 12 month price targets for Standard Life have a median target of 395.50p, with a high estimate of 460.00p and a low estimate of 320.00p. As of Jun 27, 2014, the consensus forecast amongst 33 polled investment analysts covering Standard Life advises investors to hold their position in the company. The same consensus estimate has been maintained since the sentiment of investment analysts deteriorated on Oct 23, 2008, the FT notes.
**As of 11:09 BST buy Standard Life shares at 377.60p**
**As of 11:09 BST sell Standard Life shares at 377.40p**

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