Friends Life has today announced the creation of Friends Life Investments (FLI), a new inhouse asset management business which will launch in the second half of 2012.
Thursday newspaper round-up: Lehman Brothers secretly borrowed billions of dollars from the US Federal Reserve months before the investment bank filed for bankruptcy, it has emerged.
Buyout vehicle Resolution expects to have £500m of excess cash to return to shareholders over the next 12 months after completing its review of new proposition Friends Life.
Resolution says it has "multiple routes" to complete its UK life consolidation project including further scale transactions, a series of smaller bolt-ons or a combination of the two.
Resolution founder Clive Cowdery has called on fund managers to make the financial services industry more investable.
Clive Cowdery's Resolution acquisition vehicle has set its sights on acquiring an asset management firm.
Clive Cowdery's Resolution consolidation vehicle has received 95.5% shareholder take-up of its £2bn rights issue, which will help fund its part acquisition of Axa's UK business.
Lloyds is coming under pressure from shareholders to sell Scottish Widows, which could fetch the banking giant about £7bn.
Resolution says it will go ahead with a £2bn rights issue later this month even if the Axa deal falls through as the proceeds can be used to fund other acquisitions.
Industry commentators say Aviva could set its sights on arch-rival Prudential, which is still recovering from its failed $20bn takeover of AIG's Asian business.