Clime Investment Management (CIW) has confirmed that it is in talks to buy all the shares of wealth manager Madison Financial Group of Companies (MFG).

The seller is OneVue, who assumed control of MFG after the administration of former owner Sargon Capital.

However, Clime has not offered any certainty on whether the negotiations will materialise in a deal.

MFG serves financial advisory firms by offering them licensing, compliance, technology as well as support.

“Clime will continue to ensure that it complies with its continuous disclosure obligations, and should a transaction arise which is sufficiently complete or definite to warrant disclosure, it will inform the market as appropriate,” Clime said in a statement.

OneVue hinted at its plan to explore the sale of MFG earlier this year, saying that it has no plan to keep hold of an advice business.

At that time, OneVue managing director Connie Mckeage said: “The Madison Group is an important client of OneVue. We have known most of the Madison advisers for many years and we care about them and their businesses.

“The group has been through quite an unsettling couple of years and our main aim is to enable the advisers to get on with the day-to-day servicing of clients without interruption.”