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The Actuary The magazine of the Institute & Faculty of Actuaries

Pearl cleared to seal Resolution acquisition

The FSA has approved the change of control that allows Pearl Assurance to acquire Resolution Asset Management.

The acquisition was expected to be completed by early May. Upon completion, Pearl will become the UK’s largest manager of closed life funds, according to Pearl’s chief executive officer, Jonathan Moss. The new business operations of Resolution will transfer to Royal London.

The deal was agreed in November 2007, although market volatility led to delays as Resolution was forced to restate its financial position. In February, however, both sides reiterated their commitment to the deal.