A number of the US’s biggest private equity firms are preparing bids for Old Mutual Wealth, the Sunday Times reports.
The wealth division is said to be the most attractive to buyout funds following the announcement the Old Mutual group will be split into four businesses.
Firms including Advent International, Bain Capital and Carlyle are weighing offers for Old Mutual Wealth, sources told the newspaper, while rival private equity giants Cinven and Warburg Pincus have already reportedly lodged a joint bid.
Old Mutual Wealth includes advice network Intrinsic, Old Mutual Global Investors and Quilter Cheviot.
If a sufficient private equity offer is not received for the business, experts say an independent stockmarket listing is the most likely option to be pursued.