Standard Life’s shares advance on Ignis purchase

March 27, 2014 by Sarah Jones

(Bloomberg) — Standard Life Plc climbed the most in 11 months after its investment arm agreed to buy Ignis Asset Management for 390 million pounds ($645 million), gaining 59 billion pounds of funds.

The acquisition from Phoenix Group Holdings will increase third-party assets under management by 64 percent, and add to earnings per share in its first full year, the Edinburgh-based insurer said in a statement today. Standard Life Investments, which oversees 184.1 billion pounds, boosted its profitability target for earnings before interest, taxes, depreciation, and amortization to 45 percent by 2017. Click here to read…

Originally Posted at LifeHealthPro on March 26, 2014 by Sarah Jones.