Would-be bidders for Allfunds Bank, whose investment platform hosts funds worth €250 billion for wealth advisers across Europe, have returned from the Christmas break keen to press ahead, and private equity firms are currently leading the race.

Allfunds is owned by Santander Asset Management and Italy’s Banca Intesa. The firms confirmed they were looking at "sale alternatives" in November. Reuters reported at the time that Intesa was working with Morgan Stanley. Bank of America Merrill Lynch is handling the sale on behalf of Santander, according to people familiar with the matter.