Cazenove and UBS are leading a £118m (€177m) share sale for HHG, the UK investment group which saw losses more than double in 2003, just three months after its flotation and demerger from AMP the Australian financial services group.

Losses came in at £864m compared to £329m in 2002. Of those, £143m were attributed to changes in HHG's life insurance division, its largest business - £124m was restructuring of that business.