Speculation that the specialist Sipp provider was up for sale has been mounting over recent months as the firm’s current managing director recently revealed he would be prepared to consider attractive offers.
The news follows the recent sale of Suffolk Life to Legal & General for £62m.
The expectation that Hornbuckle Mitchell could be the next takeover target in the Sipp market increased after the death of its former managing director Neil Marsh in April following a long illness.
Hornbuckle Mitchell managing director Dave White says: “I can confirm the board of Hornbuckle Mitchell is in the process of appointing an adviser, Ernst & Young, to conduct a strategic review of our options for the future of the business.
“This reflects the board’s continuing focus on making decisions that enhance the interests of clients, employees and shareholders.”
Hornbuckle’s owners could be in line for a £40m windfall upon the firm’s sale, according to press reports.