Insurer Royal & SunAlliance has moved to sell its offshore investment arm in a bid to raise capital for its general insurance business.
The Sunday Telegraph reported that investment bank Lehman Brothers has been appointed to sell the business which is based in the Isle of Man.
The business, which has around £1bn under management, is estimated to be valued at £40m.
Aberdeen Asset Management have been suggested as likely buyers of the offshore business as well as the onshore asset management portfolio.
The Sunday Telegraph said the sale was part of R&SA's attempt to raise £800m in capital by selling non-general insurance businesses and cutting its dividend.
