The reports say the talks are at a very informal stage with no offer having been made.
Tenet is currently jointly owned by life companies Aviva, Standard Life and Aegon. Aviva holds the largest share with a 47% stake.
Andy Thompson, Intrinsic’s chief executive, would only confirm that he is currently on the look out for ways to grow the business.
“As part of my role as CEO of Intrinsic I am constantly looking for opportunities to grow distribution,” he said in a statement.
“I am currently talking at a high level to several distribution businesses and I have met Martin Greenwood, CEO of Tenet, on many occasions.”
Old Mutual Wealth completed the purchase of Intrinsic on 1 July 2014. The acquisition was part of it’s strategy of building an integrated customer proposition comprising financial advice, asset management, and wealth management products.