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Phoenix results expected amid Ignis sale speculation

Phoenix Group announces its results this morning amid speculation that it will unveil the sale of Ignis Asset Management to Standard Life.

The Edinburgh-based group confirmed at the weekend that the two companies were in "advanced talks", sparking an expectation the deal had been readied for announcement today.

Ignis is valued at around £400 million, and is seen as a way for owners Phoenix Group to help pay down its £2 billion of debt, while Ignis's £68billion of assets would add more than a third to the £184bn at Standard Life Investments.

Ignis employs 249 in Glasgow and supports 140 jobs at HSBC after an outsourcing deal in 2011. Chris Samuel, Ignis chief executive, said in an upbeat assessment last August: "All the areas are growing most aggressively at the moment are Glasgow-based."

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