Resolution is still on the hunt for life fund assets
BRITISH buyout firm Resolution told investors yesterday it remains “fully engaged” in pursuing acquisition opportunities, despite deciding not to proceed with a number of deals in the quarter to the end of March.
The company, launched by City heavyweight Clive Cowdery, revealed it spent £4m on due diligence investigations into possible buyout targets in the first quarter alone, withoutstriking any deals.
The market statement said the firm’s short term investments were valued at £649m at the end of March, compared to £653m at the end of 2008.
The group had been temporarily barred from making acquisitions, during an investigation by City watchdog the Financial Services Authority, but that ended in early May.
It was rumoured last week to be considering buying back closed life insurance assets that Cowdery sold to Pearl Assurance last year.