Online platform provider AJ Bell is holding exclusive negotiations to acquire Cofunds’ retail arm from owner Legal & General (L&G).
AJ Bell, which has £26bn in assets under administration, has agreed a four-week exclusivity period for the buyout of Cofunds’ £37.9bn (as of 30 June 2015) retail business, media reports suggest.
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According to a Money Marketing report, one of the options being considered is L&G acquiring shares in AJ Bell following the sale.
However, there is no clarity whether AJ Bell would agree to pursue this option, the publication added.
L&G, which acquired 25% stake in Cofunds 10 years ago, bought the remaining stake for £131m in March 2013.
However, in June 2015 reports emerged that L&G has put Cofunds up for sale, sparking interest among various parties.
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