Resolution founder Clive Cowdery is considering a move to break-up former merger target Friends Provident.
The FT understands a Friends Provident approach is on a short list of current opportunities for Cowdery, who last year sold Resolution plc to the Hugh Osmond-led Pearl for £4.98bn.
Cowdery unsuccessfully tried to merge Resolution with Friends Provident before the Pearl takeover, and has since launched a new Resolution Limited vehicle.
Friends Provident is currently undertaking a group wide restructure, which is expected to see the insurer offload its 52% F&C stake and Lombard unit.
It is understood Cowdery is not yet certain how to undertake a Friends approach – but options include taking a stake in the insurer, as well a dismantling or full takeover.
However, a Cowdery spokesman told Thompson there was "no wish list".
"It would be wrong to think than any one company is being singled out," he says.
Any possible bid for Friends Provident could flush out US private equity firm JC Flowers, which unsuccessfully bid for the insurer earlier this year.
Friends Provident’s share price is currently 1.71% higher this morning on the speculation.IFAonline
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