Royal London is rumoured to be selling its adviser wrap platform, Ascentric.
According to financial services publication New Model Adviser, the mutual insurer has already started looking for a buyer.
International Adviser reached out to Royal London, and a spokesperson for the company said: “As you would expect, we’re exploring a number of options to help inform our future strategy.”
The firm has reportedly already appointed financial services M&A advice firm Fenchurch Advisory Partners to help with the sale process.
IA contacted Fenchurch for a comment, but the company did not respond in time for publication.
Ascentric has £15.9bn ($20.6bn, €18.9bn) in assets under administration and more than 3,600 firms use it, according to 2019 data.
It offers access to funds, ETFs, investment trusts, equities, bonds and structured products as well as tax wrappers; including stocks and shares Isas, general investment accounts, Sipps and junior Isas.
Advisers can also pick a discretionary fund manager (DFM) to look after their client portfolios on the platform.