The takeovers are coming thick and fast in the world of asset management, as the well-capitalised giants of the financial world continue to take out their rivals.
In case you missed it, the latest bid was made by SLI which made an offer to buy Ignis – and its £68bn of assets – for £390m. Based on 2013 earnings, the deal looks cheap compared to some of the other recent acquisitions – at 7.5 times earnings, it is in the same ball park as Aberdeen’s takeover of SWIP late last year for 5.5 times earnings. So what is it buying, and will the business stick? Ignis these days is a very different beast to the joint-venture based outfit it used to be. The JVs are gone and there is some serious growth in third party assets under the hood. The latest pu...
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