m&a

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.

BIOTECH

Top UK stockpicker Henry Dixon has warned fellow shareholders in Aberdeen Asset Management they face a tough six months, but said the longer-term outlook for the group remains strong.

Consolidation has been the watchword in the asset management sector this year and, consequently, the structure of the funds industry is changing as rapidly as the City skyline.

Tech giant Apple has bought social media analytics firm Topsy Labs, according to reports.

Wealth managers continue to hold UK small-cap funds instead of taking profits and rotating into the larger end of the market, predicting a rise in M&A activity will boost the sector.