SLI completes £390m acquisition of Ignis

Fund manager Standard Life Investments (SLI) today completed its takeover of Glasgow-based rival Ignis Asset Management after the City regulator cleared the £390 million deal.

Ignis, formerly a subsidiary of life assurer Phoenix, employs about 360 people across offices in Glasgow and London and managed £59 billion of assets at the end of December.

SLI chief executive Keith Skeoch said: “The acquisition of Ignis is another step in SLI’s growth story, reinforcing our strong foundations, broadening our third-party client base and increasing the range of investment solutions we offer.”

Analysts at Bank of America Merrill Lynch said in April that the purchase of Ignis looked like a “shrewd acquisition” as Edinburgh-based SLI reported third-party of inflows of £2 billion for the first quarter, adding: “We believe that significant cost-saves are available as Ignis is integrated into SLI.”