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...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
