Resolution to pause on acquisition spree

Consolidation vehicle Resolution is unlikely to make any further acquisitions this year and will focus instead on generating returns from existing businesses, according to bankers and analysts.

With the summer deadline for the acquisition phase of Clive Cowdery's project approaching, regulatory uncertainty and insurers' reliance on cash flows is halting progress, the Financial Times reports.

The company has completed three deals in the sector since it was launched in late 2008, raising almost £3bn of cash from rights issues in the process.

It will update the market on the progress of its UK life project next Wednesday.

Although the firm is unlikely to completely rule out more deals, it is expected to say further acquisitions in the near term could harm its ability to generate the returns promised to investors.

One analyst says: "Clive cannot say he has finished buying stuff because he wants people always to take his call. But another equity raising this year is not going to happen and that is not priced into the stock."