Standard Life takes on Ignis

 
Michael Bow
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STANDARD Life Investments yesterday closed its £390m deal to buy Ignis Asset Management in a deal expected to save the group £50m annually by 2017.

Ignis has been sold by FTSE 250-listed insurance services company Phoenix Group.

The acquisition, which was first unveiled in March, has sparked fears some jobs could be lost due to the duplication of various functions across the two firms Scottish offices.