Phoenix Group announces planned acquisition

Keith Skeoch, CEO of Standard Life Aberdeen commented:

“Today’s announcement by Phoenix illustrates the substantial consolidation opportunities that exist within the UK and European insurance sectors, which was a key factor in our making our strategic investment in Phoenix. As a leading provider of investment solutions to both Phoenix and ReAssure we will be working with Phoenix to understand the additional opportunities that the proposed acquisition creates for Standard Life Aberdeen.”

Clive Bannister, CEO of Phoenix Group, added:

“This transaction also reinforces the importance of our strategic partnership with Standard Life Aberdeen as our preferred asset manager of choice, we will be working closely with Standard Life Aberdeen to identify further opportunities to leverage the strength of their investment solutions across the enlarged group.”