Old Mutual ‘planning to exit’ China via joint venture sale
Old Mutual is reportedly pulling out of China after putting its stake in a joint venture with a local life insurer up for sale.
M&A Deals
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Hong Kong Life Insurance sold in $914m deal
Hong Kong Life Insurance has been sold to local investment firm First Origin International for HK$7.1bn (£738m, $914m, €850m) in the latest insurance M&A deal in the special administrative region.
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Phoenix Group on growing and consolidating its brood
Having bought Axa Wealth and Abbey Life in 2016, Phoenix Life chief executive Andy Moss tells International Adviser about the group’s consolidation history and how it brings all of its new business on board.
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Allfunds Bank to be sold in €1.8bn deal
Allfunds Bank is to be sold to private equity firm Hellman & Friedman and Singapore’s sovereign wealth fund, GIC, in a deal that values the European mutual fund platform at €1.8bn (£1.55bn, $1.9bn).
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ANALYSIS: Aberdeen/SL deal ushers in new wave of M&A
After being forced to confirm discussions about a potential £11bn (€12.7bn, $13.5bn) merger, does the consolidation of Standard Life and Aberdeen Asset Management prove a new wave of M&A in fund management is on its way?
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Canaccord Genuity expands in IoM with Duncan Lawrie deal
Canaccord Genuity Wealth Management, part of Canada-based financial services group Canaccord, has bolstered its presence in the Isle of Man by snapping up more than 100 client portfolios from former wealth manager Duncan Lawrie Private Bank.
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China to lift 50% foreign ownership cap on life insurers
China is considering easing the 50% ownership cap on overseas life insurers buying domestic companies in the biggest shakeup of the industry in almost two decades.
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Northern Trust expands in Europe with UBS buy
US-based Northern Trust Corp is to buy UBS Asset Management’s fund administration servicing units in Luxembourg and Switzerland.
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Firms lining up to buy Old Mutual’s US asset management stake
Old Mutual is in talks to sell a stake in its US asset management unit following approaches from China’s HNA group.
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MitonOptimal swoops on chartered adviser to boost int’l reach
MitonOptimal International, the Guernsey-headquartered investment management group, has merged with Isle of Man-based investment advisory business, Blythe Financial.
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Phoenix cashes in £117m from Axa purchase
Closed book provider Phoenix has said integrating the recently-bought pensions and protection businesses from Axa has generated more than £117m (€135m, $143m) in cash.
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Old Mutual exits Europe after completing sale of Italian unit
Old Mutual has confirmed its exit from continental Europe after finalising the sale of its Italian operations to Phlavia Investimenti.