Oaktree Capital Management is exploring a potential sale or London initial public offering of Utmost Group, a UK wealth manager, according to Bloomberg sources. The contemplated transaction could value the company at approximately £2bn, equivalent to around $2.7bn. Oaktree is reportedly close to selecting advisers for the process, though deliberations remain early and could still change. Representatives for both firms declined to comment.

Utmost, founded in 2013, provides insurance-based wealth management solutions to affluent clients and reported £116.3bn in assets under administration at the end of last year. Oaktree, owned by Brookfield Asset Management, has been a long-term backer of the business. This review comes amid heightened deal activity in UK insurance and wealth management, including specialist cyber insurer CFC's potential sale or IPO and NatWest's £2.7bn acquisition of Evelyn Partners.

A public listing would provide a significant boost to London's stock exchange, which has faced a prolonged drought in new offerings. A sale, meanwhile, would deliver a sizeable realisation for Oaktree in a consolidating UK wealth management market. The outcome remains uncertain, but the move signals active interest in the sector.