Standard Life Investments completes purchase of Ignis

Standard Life reported that regulators had cleared the £390m acquisition of Ignis

Pensions and insurance firm Standard Life Investments has completed its purchase of fund managers Ignis Asset Management.

The Edinburgh-based company announced that the £390m deal had been cleared by the Financial Conduct Authority.

Ignis was bought from life assurer Phoenix Group.

Standard Life Investments is now one of the UK's biggest investment managers, with 81% of its revenues coming from fund management.

Chief executive Keith Skeoch said: "The acquisition of Ignis is another step in Standard Life Investments' growth story, reinforcing our strong foundations, broadening our third-party client base and increasing the range of investment solutions we offer.

"We look forward to working with our new colleagues and welcoming new clients to Standard Life Investments.

"Our priority remains the continued delivery of strong investment performance and the highest level of client service."