Brookfield has pulled out of the $3.4 billion private equity bidding war for storied wealth management firm Insignia Financial after being out-gunned by rival bidders Bain and CC Capital.

Bain and CC lodged separate $5 per share offers for near 180-year-old institution formerly known as IOOF on Friday morning, an increase of about 10 per cent to their earlier all-cash $4.60 proposals. It secured them a four-week head start against Brookfield on due diligence after Insignia’s board promised it would not shop a deal with other suitors until the start of April.