Private equity firms battle to acquire advisory business

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Lloyds Banking Group’s private equity arm LDC has joined the race to acquire Bluefin Advisory Services for £50m.

The Sunday Times reported private equity firm LDC is competing against rival outfit ECI Partners to acquire the AXA-owned Bluefin employee benefits business.

They are both expected to offer backing to BAS chief executive Nick Burns to lead a management buy-out.

Aon and JLT are also thought to be interested in bidding for BAS.

AXA announced in November it had put Bluefin Advisory Services up for sale. Bluefin Insurance Services, led by chief executive Stuart Reid, is not being sold.

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