Legal & General, the troubled FTSE 100 insurer, has become the target of private equity firms as its stagnant share price and squeezed profits trigger speculation about a possible sale or break-up. City advisers report potential bidders, including insurers and alternative asset managers, have been examining the business closely. One US private capital executive described the situation as "getting pretty real" with firms spending "real money" on bid preparations.

L&G faces strategic alternatives including selling insurance portfolio blocks, offloading assets to reinsurers, or finding private partners for pension risk transfer assets. Despite growing speculation, CEO António Simões denies any discussions of break-up or sale, stating he is "100 per cent focused on executing my strategy." An insider feels the company is "being dressed up for a sale" as core businesses struggle to address "structural problems."

Schroders plans to exit its China mutual funds business as the 200-year-old firm streamlines operations in the challenging mainland market. Meanwhile, Scottish Mortgage Investment Trust values SpaceX at $1.25tn, accounting for nearly a fifth of its portfolio. Japanese stocks show unusual concentration as the NT ratio widens to a record 16.37 times, reflecting foreign capital inflows into technology sectors.