British Financial Fund Raises $880 Million in I.P.O.

Resolution, an investment vehicle founded by the British insurance entrepreneur Clive Cowdery, has raised £600 million ($880 million) in its initial public offering, the group announced on Friday.

Full trading is expected to begin Dec. 10 on the London Stock Exchange.

The fund plans to use proceeds of the I.P.O. to snap up financial services firms, with the aim of consolidating them. The Financial Times said companies that have been fingered as possible targets include British insurers Friends Provident and Aviva, and HBOS money management units Clerical Medical and Insight.

Resolution said it placed 600 million shares at £1 each and also gave Citigroup, one if its underwriters, an over-allotment of 60 million shares at the same price.

While the company did not reveal the main shareholders in the new fund, The Financial Times said that there was believed to be a 70 percent overlap between Resolution’s own shareholders and the shareholders in the group’s target companies.

Mr. Cowdrey sold a similar fund, also called Resolution, for almost £5 billion last year to rival Pearl Group, reaping rich returns for investors.

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