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UK business the “jewel in Skandia’s crown”, says Cazalet

Skandia’s UK life business is the jewel in the group’s Nordic crown, says Cazalet Consulting supremo Ned Cazalet.
The South African financial services group has confirmed it is in talks with Skandia about acquiring the business but has not yet made a formal offer.

Cazalet says Skandia’s UK operation is the growth engine behind the broader group, which has operations in the US and Scandinavia, and if stripped out, would be an attractive acquisition for many would-be suitors.
Money Marketing first revealed Skandia was for sale over a year ago. Old Mutual has been in the market for closed life businesses and was looking at institutional managers Deutsche Asset Management, but this deal would provide entry to the UK life market and boost its fund management operation.
Cazalet adds Skandia has a strong offshore business, Royal Skandia, and is one of the few dynamic companies within the UK life office space.
Old Mutual shares fell 5 per cent to 122.75p on the news in early trading.

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