Standard Life unveils spin-off plan

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The Independent Online
STANDARD LIFE, Europe's largest mutually owned insurer, will today unveil details of plans to spin-off the firm's fund management arm into a separately managed business.

The change, which is the result of more than 18 months of internal deliberations at the firm's Edinburgh headquarters, is designed to make it easier to pitch for lucrative outside pensions management mandates.

It comes at a time when City based rivals like Mercury Asset Management and Philips & Drew have been coming under increasing pressure over performance. The firm hopes the new structure will also enable it to strengthen its appeal to wealthier savers, with a range of more sophisticated mutual fund products alongside its more traditional life and endowment policies.