COG Financial Services has acquired 19.99 per cent of Centrepoint for $13 million, just days after pulling its rival offer for Diverger.

In an update to the ASX, COG said cited interest in businesses involved in the distribution of financial services and building a scale business in retail funds management for the strategy behind the acquisition.

The stake was purchased off ClearView who elected to sell off the Centrepoint stake it acquired during the sale of its own financial advice business.

In a separate ASX update, ClearView cited prioritising a sole focus on life insurance as the reason for the sale.