CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open account
☰
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open account
✖

Standard Life sells Canadian business

Article By: ,  Financial Analyst
September 5, 2014 11:45 AM

Standard Life has announced the sale of its Canadian business to Manulife Financial in a deal worth $3.7 billion (£2.2 billion).

The transaction will include the company's long term savings and retirement, individual and group insurance and investment management businesses. The move sparked a spike in Standard Life shares jumped ten per cent to the equivalent of 73p a share. It will return £1.75 billion of the proceeds of the Manulife Financial deal to shareholders once the transaction is complete in 2015.

In August, Standard Life recorded a 12 per cent rise in its first-half operating profits following an increase in demand for its auto enrolment pensions. The Edinburgh-based group had gained 1,018 new auto enrolment corporate schemes with 180,000 people joining the system over the course of the year.

Standard Life's decision to sell its Canadian business will now see its products distributed through the US and Asia in addition to Canada as part of the deal. It is aiming to increase shareholder dividend once the deal is completed and it is already eyeing "new opportunities" across the world.

Keith Skeoch, chief executive officer of Standard Life Investments, spoke of his delight at being able to secure the deal with Manulife: "The collaboration is a natural extension of our existing strategy where we have established a range of global strategic partnerships and relationships.

“We look forward to working with Manulife and delivering our key priorities: the continuity of investment performance and commitment to client service and relationship management.”

Manulife is one of the leading financial services companies in Canada operating in Asia and the US as well as its home country. Boasting an international network of over 84,000 employees and agents the firm has been looking to branch out into the UK and it hopes that the agreement with Standard Life will allow it to do so.

Find up to date information on spread betting strategies at City Index

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. CFD and Forex Trading are leveraged products and your capital is at risk. They may not be suitable for everyone. Please ensure you fully understand the risks involved by reading our full risk warning.

City Index is a trading name of StoneX Financial Ltd. Head and Registered Office: 1st Floor, Moor House, 120 London Wall, London, EC2Y 5ET. StoneX Financial Ltd is a company registered in England and Wales, number: 05616586. Authorised and regulated by the Financial Conduct Authority. FCA Register Number: 446717.

City Index is a trademark of StoneX Financial Ltd.

The information on this website is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement.

© City Index 2024