Wealth Briefing: Quilter looking to buy Cheviot - Spear's Magazine

Wealth Briefing: Quilter looking to buy Cheviot

Quilter, the UK-based wealth management firm which has stated it is on the hunt for acquisitions, said today it is in “advanced talks” with Cheviot Asset Management

Quilter, the UK-based wealth management firm which has stated it is on the hunt for acquisitions, said today it is in “advanced talks” with Cheviot Asset Management.
  
Earlier this year, Morgan Stanley Smith Barney – as it was then called – sold Quilter to Bridgepoint for an undisclosed sum. This was the second time that Morgan Stanley had disposed of Quilter in the past decade. Morgan Stanley initially sold the wealth management unit to Citigroup in 2006. It is understood that Morgan Stanley, which then reacquired Quilter in 2009 as a result of its joint venture wealth management deal with Citigroup – the previous owner of Quilter – wanted to dispose of Quilter in order to focus on ultra high net worth clients.
 
However, it now appears that Quilter is looking to expand its scale now that a more settled ownership structure is in place. If any such deal goes ahead, it would represent another sign of a quickening pace of wealth management industry merger and acquisition activity in recent months.
  
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