Resolution readies 'self-managed' exit from Friends in 2014

Resolution is preparing a "self-managed" exit from Friends Life in 2014 that would see the company split between a fit-for-purpose life company and a closed life fund consolidator.

In an update today, the acquisition vehicle founded by entrepreneur Clive Cowdery said it remains its intention to look for exit options involving mergers and acquisitions for its so-called UK Life Project, but that it is also important to develop an in-house exit strategy. The "most attractive" self-managed option would involve a division of Friends into two separately listed businesses. The first, OpenCo, would consist of the UK 'Go to Market' business units, the overseas businesses, Sesame Bankhall Group, and associated support businesses, while HeritageCo would consist of the UK H...