…AND TERMINATES JOINT VENTURE WITH PHOENIX

Randall & Quilter (R&Q) has terminated its joint venture with Phoenix Asset Management Partners and is to acquire Phoenix’s interest in its operations. The arrangement, set up in 2014, had originally been established to acquire re/insurance debt in insolvent estates and had seen Phoenix acquire 50% of R&Q’s existing re/insurance debt assets. However, the legacy specialist said pricing for legacy debt positions has become increasingly competitive and is now less attractive than at the time it set up the joint venture. In addition to terminating the joint venture, R&Q said it had now acquired Phoenix’s interest in its operations for $4.5m, which represents a slight discount to the fair value of the assets as at December 31 last year.