British multinational financial services firm Legal & General (L&G) is considering a sale of Cofunds merely two years after it bought the investment platform.
L&G has appointed corporate advisers Fenchurch Advisory Partners to seek bidders for the sale.
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L&G initially purchased 25% stake in the platform in 2005 and paid £131m in 2013, to acquire the remaining 75% shares from Threadneedle, Jupiter, Prudential and Newhouse Capital Partners.
In 2014, Cofunds posted a pre-tax profit of £7.7m but its net inflows decreased from £10.1bn in 2013 to £5.4bn in 2014.
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