FUND manager Caledonia Investments is closing in on a deal to buy a majority stake in Seven Investment Management.
Caledonia, which is 48.5 per cent owned by the illustrious Cayzers shipping family, is hoping to buy out insurance giants Aegon and Zurich Insurance, who own a controlling stake in the firm.
The potential deal, which was first reported by Sky News, comes after advisers at Evercore were appointed to find a buyer for the stake in February.
Aegon and Zurich own over half of Seven’s shares, while the rest are owned by partners and employees, who will not be selling their stake as part of any deal.
A tie-up would mark the latest wave of consolidation in the wealth management sector, as companies manoeuvre to capitalise on pension saving changes wrought by chancellor George Osborne budget last year.
Caledonia declined to comment.