The launch of the consolidation vehicle headed by entrepreneur Clive Cowdery and former FSA chief executive John Tiner will be co-ordinated and underwritten byCiti, HSBC and Merrill Lynch.
Cowdery’s vehicle will buy up life assurance and asset management businesses and seek to make cost savings by grouping businesses together to create economies of scale as well as selling off certain divisions where necessary.
The Guernsey incorporated company will launch on the stock exchange one month later than previously planned and is tipped to be eyeing Clerical Medical, Scottish Widows and Friends Provident.
Chairman of Resolution Mike Biggs says: “We see significant investment opportunities from restructuring in financial services and have been pleased with the support for our business strategy and structure indicated to us by former investors in Resolution plc. We expect to form a strong investor base to support our future growth through this placing.”