Clive Cowdery set to float Resolution Group
While he has been in the news of late with regards to his failed bid to get a stranglehold of Bradford and Bingley it seems that Clive Cowdery has far greater ambitions with plans to float his Resolution Group on the UK stock market later this year. The float price is expected to be in the region of £1 billion (market conditions permitting) and he has big plans to consolidate large areas of the financial industry.
Resolution Group was originally the name of Cowdery's life funds consolidation business but he retained the name when the venture was sold to Pearl Assurance last year. The plan now it to use the group as a base to consolidate a number of struggling financial companies across the life, general insurance, banks and fund management sectors. But is there demand for this?
Clive Cowdery believes that there is at least £5 billion of investment capital available to begin such a consolidation and when you consider his track record there are very few in the industry who could argue that he has the experience to make it happen. It is interesting to see that he has employed the services of John Tilner, the former head of the Financial Service Authority (FSA) ahead of the float - something which should ensure a smooth transfer into public life for the group.
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