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Friends Ivory & Sime buys L&M asset management divisions

Friends Ivory & Sime, a subsidiary of Friends&#39 Provident life office is buying the two asset management subsidiaries of the London and Manchester Group in a deal worth £40m.


An initial £35m will be paid up front in the form of shares and a loan. The remaining £5m is payable on the achievement of revenue targets.


Friends Ivory & Sime chairman Sir David Kinloch says: &#34This acquisition will add over £5 billion of funds under management and will enhance our pool of investment management talent and expertise.&#34


The new increased fund will top £29bn.


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