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Phoenix Group Says Ignis Reduces Stake in Argonaut Venture

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Aug. 23 (Bloomberg) -- Phoenix Group Holdings 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 tfarrand@bloomberg.net

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