Resolution sets sights on asset managers

Clive Cowdery’s Resolution acquisition vehicle has set its sights on acquiring an asset management firm.

Resolution says it will continue to target further life company acquisitions after posting pre-tax profits of £203m in the first half of the year. The group hopes to announce a new deal in the middle of 2011, following the acquisition of Friends Provident last year and Axa UK's life assurance business earlier in 2010.

Former FSA chief John Tiner, the CEO of Resolution Operations, says the group is also eyeing an asset management firm.

"The company also continues to believe that the addition of an asset management capability which delivers further value to shareholders from the scale and synergies derived from consolidating the group's assets under management would be attractive.

"The Company's focus in this area, given the nature of the enlarged group, tends towards institutional asset management and could be achieved either through the acquisition of a stand-alone asset manager or a life assurance group with existing asset management capability.

"We expect the ‘UK Life Project' to last between two and four years, it having commenced with the acquisition of Friends Provident. Resolution is continuing to maintain dialogue with potential vendors and to target the period through to the middle of next year for announcing a further acquisition."