Breaking News

3 Big European Oil Companies Get Negative Outlook From S&P Over Price of Crude

Phoenix Group Says Ignis Reduces Stake in Argonaut Venture

Phoenix Group Holdings (PGH) Ltd., the U.K.’s biggest manager of closed life insurance funds, said Argonaut Capital Partners and Ignis Asset Management restructured their joint venture with Argonaut taking management control.

Argonaut will own 60 percent under the new structure with Ignis reducing its stake by 10 percent to 40 percent, said Phoenix in a regulatory statement today.

“Argonaut will expand its investment team and management resource and develop its own U.K. distribution capability,” said Phoenix. “Ignis will continue to distribute Argonaut’s funds in Continental Europe.”

Phoenix owns Ignis Asset Management which has about 67 billion pounds ($11 billion) of assets under management.

To contact the editor responsible for this story: Tim Farrand at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.