IFAonline sister title Investment Week understands insurer Zurich UK has approached a number of asset managers with plans to create a fund management business in the UK.
Sources close to the situation told Investment Week the insurer has held talks with a number of groups to flesh out a deal which would see them manage assets on behalf of Zurich in the UK.
Zurich currently offers its customers investment plans and ISAs under the Sterling brand, and has a platform for retail IFAs which launched in 2012.
However, the group is understood to be keen to expand into the asset management space, and is poised to launch a new business.
Zurich already has a relationship with Threadneedle Investments, which it previously owned. Threadneedle manages a large proportion of insurance and pension assets for the insurance giant.
Zurich sold its asset management business to American Express in 2003, with Threadneedle then becoming part of current parent Ameriprise Financial when it was spun off from American Express in 2005.
Following the acquisition, Threadneedle's new owner retained an eight-year contract to manage around £30bn of Zurich's UK life insurance assets, while Threadneedle also gained access to Zurich distribution network in the UK.
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