Wealth management firm Ashcourt Rowan is understood to be circling Co-operative Financial Services’ IFA arm.
Money Marketing revealed earlier this month that the Co-op is in exclusive talks for a potential buyer for Cifa.
Ashcourt Rowan was launched in January by Syndicate Asset Management. The firm was created out of the merger of Syndicate subsidiaries Ashcourt Asset Management, Ashcourt Financial Planning and Rowan and Company Capital Management.
It is led by former Lloyds TSB Private Banking chief executive Mark Cheshire and offers investment management, financial planning services and admin services for member-directed pension schemes. Ashcourt Rowan set up an executive committee in March headed by Cheshire which was thought to be looking at growth plans.
A spokesman for the Co-op says: “We are not in a position to discuss who we are talking to. We have been in talks with a number of parties during this process and those discussions are ongoing.”
Ashcourt Rowan declined to comment.