Suncorp Life may be on the block

Suncorp Metway is open to selling the whole of its wealth management business and not just the Tyndall asset management unit that is presently for sale, the Financial Review reported in its Street Talk column.

The financier has not confirmed the original reports on the effort to sell Tyndall, first reported by the AFR in the second week of May. Greenhill Caliburn has a mandate from Suncorp to seek a buyer for Tyndall, according to the newspaper.

Suncorp reported an underlying profit for Suncorp Life of $165 million in the year to December 2009 and a net profit of $86 million. Net assets in the life business were $2.4 billion at the end of last year.