Operating profits at Phoenix Group increased to £266m in the first half of the year compared to £186m for the same period in 2013, latest results show.
The closed life fund consolidator said £114m of its profit came from ‘management actions’, this was up from £24m in the previous year. It said the sale of Ignis Asset Management to Standard Life Investments on 1 July brought in £390m for the business. The results explained a "comprehensive debt refinancing" had been achieved. Adding, the Ignis sale supported a £250m prepayment of bank debt. The transformation of Phoenix Life continued, the results said. It is working with HSBC to outsource the consolidation of investment fund accounting, unit pricing and custody arrangements. That ...
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