Friends Provident

Marlborough manager takes £34m fixed interest vehicle to top of peer group over one year

J.P. Morgan Asset Management, BlackRock, Fortis, Friends Provident and Santander Asset Management are among this year's 16 Gold Standard Award winners.

Sales at Resolution, owner of Friends Provident, have fallen 28% so far this year.

Sales of UK life and pensions have slumped across the board as consumers limit insurance and savings to focus dwindling disposable incomes on debt.

A healthy increase in enhanced annuity sales has been heralded as a sure sign of progress by the industry. Latest figures show Q2 sales were up 30% on last year and accounted for 17% of all annuities written

The FTSE 100 is down slightly in late morning trading despite receiving an initial boost on news Friends Provident has agreed a takeover by Clive Cowdery's Resolution.

Friends Provident's board has recommended shareholders accept the latest acquisition offer from Resolution.

The FTSE 100 has fallen sharply in opening exchanges following reports Lloyds may tap shareholders for funds to reduce the cost of participating in the Government's toxic asset scheme.

Friends Provident has once again entered discussions with Resolution Limited after receiving a "sufficiently improved" bid from the Clive Cowdery-led acquisition vehicle.

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