Charles Taylor agrees to buy Zurich’s closed book
Isle of Man-based Charles Taylor has agreed to buy one of Zurich’s closed book of international life assurance business as well as Allied Dunbar International Fund Managers.
Isle of Man-based Charles Taylor has agreed to buy one of Zurich’s closed book of international life assurance business as well as Allied Dunbar International Fund Managers.
South African financial services group, Sanlam has acquired bigger stakes in two Indian insurance companies, following recent regulatory changes that allow up to 49% foreign shareholding in insurance companies in the country.
RL360° is to acquire Rowan Dartington’s global platform business Ardan International for an undisclosed fee.
Convoy, one of the largest IFA firms in Hong Kong, has paid £24m ($30.2m, €27.8m) for a stake in UK investment platform Nutmeg, in a move praised by UK chancellor Philip Hammond.
Specialist law and asset management services firm, MJ Hudson, has acquired investment advisory firm Allenbridge and outsourced fund management provider Tower Gate Capital.
Prudential has agreed to sell its life insurance subsidiary in Korea to Mirae Asset Life Insurance for KRW170bn (£119m, $148m, €134m).
CI Financial Corp is to acquire an 80% stake in Australian investment fund manager Grant Samuel Funds Management (GSFM), in a move that will see the Canadian wealth manager also gain access to New Zealand.
ANZ Bank is considering selling its life insurance, advice, and superannuation and investments businesses in Australia which would see one of the country’s largest financial institutions effectively withdraw from the wealth management sector.
Wealth management firm Meyado is to see a change at the top after Singapore chief executive Mark Paine announced plans to buy out the shares of the group’s founder and chairman Martin Young.
The trend of banks offloading assets continues as Singapore-based DBS acquires ANZ’s WM and retail units in Asia, adding S$23bn ($16.5bn, £13.5bn, €15bn) of wealth assets, which includes S$6bn from high net worth individuals.
Massive, opportunistic M&A activity doesn’t tend to be a characteristic of the bottom of a cycle. Still-standing majors, snapping up capitulating minnows is common, but two behemoths joining forces is usually left for times when shares are expensive and can do a lot of the heavy lifting.
French asset management firm Amundi has confirmed its interest in buying Pioneer Investment from Italian bank UniCredit but denied the €4bn (£3.6bn, $4.4bn) bid offer reported in the media.