The news service reports the banks are close to securing a takeover of Investec-owned Kensington adding the deal has not been finalised, but if it completes it said it will be this week.

A new management team is thought to have been lined up to take the helm once the deal completes.

Kensington has spent a year strategically refreshing its intermediary and product platforms, most lately appointing two managers to its intermediary sales team, both of which have worked for Kensington before.

Paul Weatherhogg is joining Kensington as the business manager for north London and he will be supported by Declan Walsh who will be a telephone based business consultant.

Investec, which is the main sponsor of the England cricket team, signalled its intention to sell Kensington in February.

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Blackstone and TPG are understood to have seen off competition from at least three other bidders for the business, one of which was said to be Lonestar, a specialist US property investor.

Blackstone, TPG and Investec all declined to comment.