Friends Life looks to sell Sesame

Product provider Friends Life has put Sesame Bankhall Group up for sale.

New Model Adviser® understands that a 'teaser' document providing a summary of Sesame with an invitation to buy has been sent out to banks, insurers, investment houses and private equity houses over the past few weeks.

Sources close to the situation said Sesame's management, including chief executive George Higginson (pictured), wanted to make capital and Friends Life wanted to streamline its business strategy which did not include owing an advisory division.

It is also understood that Barclays Investment Banking department has been appointed to find buyers for the business.

Friends Life bought the network from Misys in May 2007 for £75 million.

In December the life company announced it would cut 150 roles as part of an ongoing restructure. In July 2011 the company announced plans to close its Basingstoke office and consolidate its Manchester office by the end of 2012 which put 295 jobs at risk.

In November 2011 the company also signed an outsourcing deal with Diligenta, a subsidiary of Tata Consulting which led to 1,900 IT and customer service roles moving to Diligenta.

Friends Life and Sesame said they would not comment on market speculation.