Utmost, a UK-based wealth management group controlled by American investment firm Oaktree Capital Management, is preparing for a potential initial public offering (IPO) valued at approximately £2.5 billion. The company is targeting a London debut as early as September, according to sources familiar with the matter, though plans remain subject to change.

If successful, the IPO could provide a significant boost to London’s listings market, which has experienced a marked slowdown since a peak in flotations in 2021. This reduction in new public offerings has raised concerns about the UK stock market’s ability to remain competitive internationally, with some companies opting to list on exchanges in New York or Amsterdam instead.

Founded in 2010 as Life Company Consolidation Group by Paul Thompson and Ian Maidens, both formerly senior executives at Resolution, Utmost has focused on acquiring closed life insurance funds, often referred to as “zombie” funds. The firm has expanded rapidly through a series of acquisitions, including taking over parts of Equitable Life, which was at the center of a long-running industry scandal.

Thompson serves as chief executive, Maidens as finance director, and both retain ownership stakes in the company. In December, Utmost agreed to sell its UK-focused life and pensions business, including the remaining Equitable Life assets, to JAB Insurance. This move enables Utmost to concentrate on its insurance-linked wealth management services.

The company reported assets under administration exceeding £116 billion last year, alongside an increase in operating profits to £224 million from £176 million in 2024. Earlier this year, Oaktree was reported to be exploring either an IPO or a sale of Utmost. A spokesperson for Utmost declined to provide comment on the flotation plans.