Standard Life share price: Insurer buys advice firm Pearson Jones

on Feb 6, 2015
Updated: Oct 21, 2019

Standard LifePlc (LON:SL) is to buy British financial advisory firm Pearson Jones as part of a push to enter the UK’s financial advice market. In a statement to the London Stock Exchange today, the insurer said that it had agreed on the deal with Pearson Jones’ owner, Skipton Building Society, though the purchase price wasn’t revealed. Standard Life indicated that the acquisition was expected to bring assets under advice of £1.1 billion.

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“We’re delighted Pearson Jones will be part of our new business,” said Barry O’Dwyer, managing director of Standard Life. “They have a single-minded focus on helping clients and are an excellent example of a progressive firm with an RDR-compliant, platform-based advisory proposition.”
Standard Life plans to follow up the Pearson Jones acquisition with further purchases of financial advisory firms, through which it will seek to accelerate its push into the advice market with the aim of building a UK-wide financial advice business to take advantage of “fundamental changes that are driving unprecedented demand for advice from customers”. The insurer said that the business would integrate with the company’s existing workplace and direct services.

In today’s trading, Standard Life shares were up nearly one percent at 405.60p as of 13:40 UTC. Market capitalisation currently stands at £9.8 billion.
According to the Financial Times, the 18 analysts offering 12 month price targets for Standard Life Plc have a median target of 427.50p, with a high estimate of 465.00p and a low of 320.00p. As of Feb 04, 2015, the consensus forecast amongst 33 polled investment analysts covering Standard Life has it that investors should hold their position in the company. This stance has been maintained since December 9 last, when the sentiment of investment analysts deteriorated from “outperform”.
As of 15:00 GMT, Friday, 06 February, Standard Life Plc share price is 406.25p.


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