Adrian Grace: consolidator

Aegon, the pensions company, is among the likely bidders for Zurich’s financial adviser platform which is Swiss insurer is looking to sell for about £50 million.

The site allows independent financial advisers to access products such as insurance and investments for clients.

Sources say HSBC is helping the firm find a buyer for Zurich Intermediary. Edinburgh-based Aegon UK is a potential purchaser following its acquisition of the Cofunds platform in 2016. Adrian Grace, Aegon chief executive, is keen to consolidate a competitive market.

Mike Barrett of the Lang Cat financial services consultancy, told The Sunday Times: “This is a trend we expect to continue.”

The Zurich site manages about £10 billion of assets compared with £60bn for Standard Life’s advisory business. Zurich last year sold its stake in Openwork.