Insurance consolidator Phoenix makes approach to smaller rival Guardian in potential £1billion tie-up
![Insurance consolidator Phoenix makes approach to smaller rival Guardian in potential £1billion tie-up](http://i.dailymail.co.uk/i/pix/2015/09/17/15/0288645B00000578-0-image-m-24_1442498507476.jpg)
Britain's largest-listed consolidator of closed life funds confirmed that it has approached Cinven - Guardian's owner - about joining forces and creating a firm with £70bn of assets under management.