Swiss Life Asset Management sold
UK – Bond broker King & Shaxson has announced that it is to acquire Swiss Life Asset Management UK for an undisclosed sum.
The sale of SLAM UK is the latest in a line of divestments by the Swiss Life Group, as it returns its focus to the core business. In May this year, Swiss Life sold its fiduciary company STG Treuhandgesellschaft and its subsidiaries to financial services company, LGT GROUP. It also sold its life insurance business in Spain to VidaCaixa.
The acquisition is King & Shaxson’s first since it was itself acquired by the Phillip Capital Group, a Singapore-based financial services company, and is “in line with its strategy of developing a substantial and broadly-based institutional financial services group,” the company said in a press release.
Indeed, the acquisition looks likely to be the first of many. The new company, which will be known as King & Shaxson Asset Management, KSAM, “will be the cornerstone of our determined move into institutional funds management,” says Ian Perkins, chairman of King and Shaxson.
“We are looking to build on this platform at the earliest opportunity with further acquisitions of business, teams and highly qualified individuals,” adds Perkins.
Lim Hua Min, chairman of Phillip Capital, further said: “We hope to do more acquisitions in the future, linking Europe to our high growth regions in Asia.”
Funds under management by SLAM UK total over one billion pounds, and will continue to be managed by the SLAM UK team, headed by Tom McIntosh. The fund management, marketing and operations teams will be joining King & Shaxson on completion.