The London-based company is a provider of insurance and pension services and is listed on the London Stock Exchange and on the FTSE 100 Index.
Phoenix Group, which was formerly known as Pearl Group and which owns several major brands including Standard Life, traces its history back to 1857. The purchase of the stake in Phoenix follows the prince's Kingdom Holding Company buying a 4 percent stake in insurer and asset manager M&G earlier this month, which was said to have been worth around 219 million pounds. The Telegraph said Saudi Arabia has been keen to invest in the UK's financial center, which is known as the City of London, as part of its recent drive to diversify its economy away from a reliance on oil. Phoenix, which has around 13 million customers, manages 310 billion pounds of assets.
Prince Alwaleed bin Talal Al Saud's purchase of more than 3 percent of Phoenix Group was made through Kingdom Holding Company, which he controls, and makes him the sixth-largest investor in Phoenix, which is the UK's biggest long-term savings and retirement business. Move likely to 'greatly expand foothold of the Gulf state in the City of London'Ī member of Saudi Arabia's royal family has bought a 190-million-pound ($231-million) stake in Britain's biggest pension provider in a move that The Telegraph newspaper says will greatly expand the Gulf state's "foothold in the City of London".
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