Zurich Life & Investments Australia has sold its research house Lonsec to a new company, Financial Research Holdings, for an undisclosed sum.

The new company has been formed by Jeff Bresnahan and Jason Clarke of research house Super Ratings, and investment banker Mark Carnegie from Carnegie, Wylie and Company. It’s understood Lonsec will be merged with Super Ratings.

Zurich Life & Investments CEO Colin Morgan says the sale was due to Lonsec no longer being regarded as a core business.

“The sale… reflects Zurich’s focus and adherence to the strategy which has seen our business grow faster than the market during the past two years,” he said.

“Zurich’s considerable investment in its Australian life insurance and investments business in recent years is designed to drive the continued growth of that business.”

Mr Carnegie says the purchase of Lonsec is the first part of a growth strategy to build a leading financial services research house.