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Britannic buys Century closed funds

Britannic Group has bought Century Life’s closed life funds in a deal that will boost the assets managed by Britannic Asset Management by over 1.7bn.

The funds, which are a combination of unit-linked life funds, with-profits and non-profits funds, are inves-ted in a broad range of fixed interest, UK and overseas equities and property. It is envisaged that all the funds will be acquired by BAM as soon as possible after completion, taking BAM’s assets under management from 14.5bn to around 16bn. Britannic Group says it will continue to focus on the acquisition of closed life and pension businesses.

Glasgow-based Britannic bought Allianz Cornhill’s life funds last December, and has since taken on the management of the 735m of funds associated with the deal. It launched a property unit trust in December and has set up a joint venture with Neptune’s Barry Norris and Oliver Russ to run its European high-alpha fund.

Britannic chief executive Gavin Stewart says: “Deals like this one and the acquisition of Allianz Cornhill are the main way of significantly enhancing and expanding our retail business. We are looking to become an even bigger major player, and advisers like to know that they are investing in companies that are going to be around for a while. I think this move demonstrates that we will be.”

Chelsea Financial Services managing director Dar-ius McDermott says: “There is a lot of consolidation going on in the fund management industry, and Britannic have been making some bold moves. Jonathan Polin has been there for long enough now to be making an impact on the way that the business is run.”

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