Resolution, the investment fund established by insurance entrepreneur Clive Cowdery, has successfully completed a £600m offering, the group announced on Friday.

The fund will be used to consolidate financial services companies, and commentators expect it will focus on acquiring insurance, life assurance and asset management operations. Friends Provident, Aviva, Clerical Medical and Insight, HBOS’s asset management group, have all been talked of as possible targets.