£50m sale price
Aegon in frame to acquire Zurich’s client advisory platform
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.