FD London chief operating officer Tim Spratt told PRWeek the financial comms shop needed to end the relationship. ‘We found ourselves in a conflict of interest and sadly had to resign the account,’ he said.
HHG has hired Finsbury, with senior partner and co-founder Roland Rudd leading the account, to handle comms around the £1bn Life Services sale to Life Company Investor Group (LCIG), an acquisition vehicle set up by private-equity firms Sun Capital Partners and TDR Capital.
FD began working for HHG after the business was spun off from Australian
insurance group AMP at the end of 2003, subsequently listing on the London Stock Exchange. FD’s departure is understood to have been hastened by its work for rival insurance group Resolution Life. HHG director of corporate affairs Vicki Staveacre was unavailable for comment.
Buchanan Communications represents Sun and TDR, while Lansons Communications handles LCIG’s broadcast and financial services PR.
Prior to last year’s demerger from HHG, AMP reported a £1.3bn writedown associated with Life Services, which contributed to a group net loss in 2002.
The Financial Services Authority is expected to approve the sale of Life Services in the next few weeks.