IFA consolidator Perspective Financial Group has put itself up for sale.
Sources say Perspective has hired KPMG to auction off the firm, with a price of between £60m and £80m touted.
Money Marketing understands the deadline for the first round of bids was last Friday.
Shareholders in the firm include Paradigm Partners founder Paul Hogarth and partner Anthony Morrow.
Perspective made a pre-tax loss of £1.9m in 2011, compared to a £113,000 pre-tax profit in 2010. The firm attributed the loss to an exceptional £1m accounting write-down and £3m of amortisation.
The firm’s assets under management currently stand at around £2.2bn and it employs 230 people across 24 UK offices, including around 80 advisers.
Perspective was unavailable for comment.
Brunning Newman Houghton director David Brunning says: “I do not think there are many firms out there that would be interested in writing a very large cheque to buy Perspective at the moment. If the firm is confident that its business is robust and well-placed then it seems like a strange time to want to sell.”