Standard Life has confirmed it is in talks with Ignis Asset Management’s parent company Phoenix Group Holdings over a bid to buy the asset management firm.
Standard Life said in a statement it was in “exclusive and advanced discussions” with Phoenix Group about buying Ignis for a reported £400m.
It said: “Standard Life confirms that it is in exclusive and advanced discussions with the Phoenix Group regarding an acquisition of Ignis Asset Management. Discussions are on-going and there can be no certainty that any transaction will be agreed. Standard Life plc will make further announcements if and when appropriate.”
Ignis has £68bn in assets under management.
Phoenix Group also confirmed talks about a takeover were underway.
It said in a statement: “Following an approach from Standard Life plc, Phoenix Group Holdings confirms that it has entered into exclusive discussions with Standard Life plc, regarding a potential bid for Ignis Asset Management. Discussions are at an advanced stage but there is no certainty any transaction will be agreed.”
Phoenix Group said it will update the market at the time of its annual results on Wednesday.
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