Standard Life proposes Ignis purchase

<p>Standard Life is in advanced talks to buy Ignis.</p>

The share price of Standard Life is up this morning (March 24th) after the company confirmed it is in advanced talks over the purchase of Ignis Asset Management.

It was revealed by the firm that it is planning to buy Ignis, which is believed to be worth as much as £400 million.

Edinburgh-based pensions and insurance specialist Standard Life said it was in "exclusive and advanced" talks over a deal for the company.

However, it was added by the firm "there was no certainty that any transaction will be agreed".

Standard Life will become one of the UK's biggest investment managers if the deal for Ignis goes through. Ignis is currently owned by life assurance firm Phoenix Group.

A statement released yesterday said: "Standard Life Plc will make further announcements if and when appropriate."

Investors responded well to the news when the London Stock Exchange opened for a new week of trading this morning.

By 08:45 GMT, stocks in Standard Life were up by around 0.5 per cent on the start of the day.

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