Buyers are still being considered for Zurich’s IFA platform, Zurich Intermediary, which is allegedly on sale for over £50m.
HSBC is reportedly helping Zurich to find a buyer, with Aegon rumoured to be a prospective buyer. Neither Zurich nor Aegon has not commented on the market speculation.
Embark was previously thought to be a potential candidate for the purchase of the platform, but a statement from Embark chief executive Phil Smith suggests the buyer will be a larger company: “The earlier sale of Zurich’s workplace business to Scottish Widows was always going to raise speculation about its IFA platform’s future.
“If the platform is being marketed, there will be strong interest as it is a solid, profitable platform already at scale, but will be one for the blue-chip participants, rather than the more nimble entrepreneurial players in the sector.”