Resolution scouting for more acquisitions
24 March 2010
UK investment firm Resolution Ltd. said today it was in talks with some prospective takeover targets that include owners of UK life assurance and asset management businesses.
The company plans to build a life insurer worth about £10 billion ($15 billion) before selling it by 2013, chief executive John Tiner said on a call with reporters today.
''We said at the time we announced the acquisition of Friends Provident in the middle of August that we thought the acquisition window would be something like 18 months from that period,'' Tiner said. ''We continue to have that view.''
After three failed attempts, the buyout firm founded by Clive Cowdery finally took over the 177-year-old UK insurance and pension provider Friends Provident Plc in August 2009 for £1.86 billion (See: UK's Friends Provident unable to refuse Resolution offer).
''We see 2010 as a decisive year for many financial services groups as they redefine their business models in the aftermath of the global financial crisis and in the face of increasing regulatory burdens,'' chairman Michael Biggs said while releasing the results for 2009.
''Resolution is in dialogue with a number of the owners of UK life assurance and asset management businesses whilst, at the same time, remaining highly disciplined on delivering the mid-teens return we seek on behalf of public market investors,'' he added.