Standard Life PLC is in talks with Phoenix Group Holdings to acquire money manager Ignis Asset Management, according to London Stock Exchange announcements from Standard Life and Phoenix.
Ignis had £68.7 billion ($113.3 billion) in assets under management as of Sept. 30, with 21% of that coming from third-party assets, according to Phoenix Group's interim management statement for the third quarter.
Standard Life had £184.1 billion in assets under management at Dec. 31, of which third-party assets accounted for 53%.
Phoenix said in its announcement it was in exclusive discussions with Standard Life over a potential bid for its money management business.
Both firms said in their announcements that they were at an “advanced stage.” Phoenix said it will publish an update with its annual results on Wednesday.
A spokesman for Phoenix declined to comment beyond the announcement. A spokesman for Standard Life declined to comment further.