Financial sector takeover specialist Resolution
CEO John Tiner and finance chief Jim Newman, who are also shareholders in the business, will work three days a week on average, Resolution said on Monday. Resolution is increasingly focussed on new ventures that could include buying European or U.S. closed life funds and asset managers.
The pair's scaled-back working hours come as Resolution prepares to usher in new rules allowing Resolution Operations, its Guernsey-based M&A unit, to work with other investment vehicles, ending an exclusive relationship that has been in place since the group was created in 2008.
Resolution shareholders, who are scheduled to vote on the new rules on January 13, have asked the company to segregate the returns from its UK life acquisitions by carrying out any other consolidation projects through separate investment vehicles.
Resolution, founded by insurance tycoon Clive Cowdery, had originally intended to carry out its UK life insurance consolidation project and all subsequent ventures through the same London-listed entity.
Tiner is a former head of Britain's Financial Services Authority and is also chairman of investment bank Credit Suisse's audit committee.
Shares in Resolution, which last week said it had held fruitless talks about buying British closed life fund Phoenix
The stock has risen 2.5 percent in the year to date, beating an 18 percent decline in the European insurance index <.SXIP>.
Resolution, set up to buy underperforming life insurers and merge them into a more profitable whole, has to date acquired Friends Provident, most of Axa's
(Reporting by Myles Neligan)