The following content is sourced from external partners. We cannot guarantee that it is suitable for the visually or hearing impaired.
(Bloomberg) -- Zurich Insurance Group AG, Switzerland’s largest insurer, hired Evercore Partners Inc. to value its majority stake in Seven Investment Management LLP, a person with knowledge of the matter said.
Zurich, which bought a stake in the money manager in 2007, asked the advisory firm to calculate a valuation for regulatory requirements and study a possible sale, said the person, who asked not to be identified because the talks are private.
Seven Investment oversees about 7 billion pounds ($11 billion) in assets. Its shareholders include Aegon NV as well as the firm’s founders Chief Executive Officer Tom Sheridan and Justin Urquhart Stewart.
A spokesman for Zurich declined to comment, while a spokesman for Evercore didn’t immediately return a phone call seeking comment. The Financial Times reported the discussions earlier Friday.
To contact the reporter on this story: Sarah Jones in London at firstname.lastname@example.org To contact the editors responsible for this story: Edward Evans at email@example.com Steve Bailey