DealZone

DealZone Daily

For the latest deals news from Reuters, click here. And here’s the top stories from the newspapers (some external links may require subscription):

John Tiner, former head of the Financial Services Authority, and now chief executive of Resolution – the investment vehicle established by Clive Cowdery — said his company is targeting pure asset management businesses in its quest to create an enlarged British life assurance and fund management group, the FT said.

LLoyds Banking Group is in talks with stockbroker Execution about creating a joint venture as it plans to build a sizeable presence in the UK equity broking market, the Times said. 

Deals du Jour

library photo of A man and a security guard are reflected behind a logo of a Japan's insurance company in Tokyo November 26, 2008. Japanese life insurers are shying away from investing in U.S. Treasuries because of their falling yields, officials at the insurers said on Wednesday. REUTERS/Kim Kyung-Hoon (JAPAN)Clive Cowdery’s Resolution has won over shareholders of Friends Provident, agreeing to pay 1.86 billion pounds for the British life insurer. Here are some facts about the pair. Whether the move will lead to a wave of consolidation in the sector remains to be seen, though last week the head of rival Standard Life told Reuters that it had no plans to make any deals.

Other M&A news today includes:

The total value of distressed-debt deals totalled $84.4 billion this year, the Wall Street Journal said, almost double the figure last year. Here’s Reuters’ story.

Private equity fund Dubai International Capital and distressed debt investor Oaktree Capital have abandoned plans to team up to restructure the debts of German aluminium firm Almatis, the Financial Times said.

IPO by U.K. buyout firm an ocean apart

It’s enough to make Leon Black, Henry Kravis and Stephen Schwarzman jealous.

UK-based buyout firm Resolution, founded by entrepreneur Clive Cowdery, has not only launched a rare IPO – it raised £600 billion ($889 million) last week- but the deal enjoyed a 15 percent “pop” in its trading debut on the London Stock Exchange Wednesday.

The buyout fund will target U.K. insurance and asset management companies in deals in the range of £3 to 5 billion. And that may be part of why the IPO did well: The U.K. insurance sector has underperformed the market with companies contending with lower valuations.