Michael Spencer, the billionaire City veteran, is close to taking a majority stake in a Singaporean life insurer set up by a former HSBC executive.

The move demonstrates the rising profile of Spencer’s personal investment company, IPGL, which has made a series of investments in recent months. It comes after completion of the sale of NEX Group, in which Spencer had an 18% stake, to Chicago-based CME Group for more than £4bn in November, a deal that cemented his status as a billionaire.