Britannic is set to buy Century Life for £43.7m

Aberdeen Asset Management is to lose £1.5bn in funds under management following the Britannic Group'...

Aberdeen Asset Management is to lose £1.5bn in funds under management following the Britannic Group's purchase of Century Life. Currently Aberdeen runs around 85% of Century's closed funds business, with the remainder managed by underlying life companies. The full £1.7bn of Century assets under management will transfer to Britannic Asset Management in around six months time. Under the terms of the deal Aberdeen will receive £11.3m for the preference shares it currently owns in Century and will use the cash to pay down debts. Britannic has agreed to buy the Century Group for £43.7m in c...