Prudential sells Korean life insurance business to Mirae
Prudential has agreed to sell its life insurance subsidiary in Korea to Mirae Asset Life Insurance for KRW170bn (£119m, $148m, €134m).
M&A Deals
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Canada’s CI Financial buys majority stake in Australian firm
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.
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ANZ eyes Australian wealth management exit
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.
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Mark Paine to take over the Meyado Group
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.
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DBS buys ANZ Asia wealth units, nets $16.5bn in assets
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.
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ANALYSIS: Is BAT’s ‘lucky strike’ further evidence for a ‘great rotation’?
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.
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Amundi confirms Pioneer bid, denies €4bn price tag
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.
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Leeds wealth manager buys London advice firm
Leeds-based wealth manager The Private Office (TPO) has acquired PQR Financial Planning, a firm of financial planners based in London, in a move that bucks the trend for large restricted advice firms to swallow smaller, independent players.
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European Wealth buy Towry’s £120m South African client book
European Wealth has bought a book of business from Towry Asset Management, based on its clients in South Africa, who are estimated to have £120m ($152m, €132m) worth of assets.
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Schroders/Cazenove to acquire C. Hoare & Co’s WM arm
Schroders-owned Cazenove Capital Management is to acquire C. Hoare & Co’s wealth management business, with the deal set to complete in Q1 2017.
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Henderson/Janus merger highlights increasing need for scale
The ink is not dry and already commentators are hailing the merger of Henderson Global Investors and Janus Capital as an example of what is to come.
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Zurich buys Macquarie Life’s risk business
The Federal Court of Australia has approved the transfer of Macquarie Life’s risk insurance portfolio to Zurich Australia, a move that will see the Swiss firm become Australia’s fourth biggest retail insurer in the IFA segment.