m&a

IFA business County Life & Pensions and investment manager Blacksquare are to be acquired by Tavistock Investments as part of its plans to assemble a national financial services business.

EFG Asset Management is set to launch an M&A tracker fund led by global chief investment officer Mozamil Afzal, together with head of equity research Robin Milway.

The increased use of company shares to finance M&A activity may be a warning sign for investors that valuations are topping out, leading fund managers have said.

US giant Pfizer has made an improved offer to buy AstraZeneca, the UK's second largest pharmaceuticals company, raising its bid to £50 a share.

Growth-focused UK equity managers have joined their income peers in backing pharmaceuticals as deals both real and rumoured send shares rocketing.

EUROPE

Ashcourt Rowan has completed its acquisition of UK Wealth Management Limited (UKWM) from Duke Street General Partner in a £14m deal.

Standard Life has tabled a reported £400m bid for Ignis Asset Management.

CORPORATE BONDS

Legal & General has agreed to acquire US investment group Global Index Advisors in a $50m deal.