Cheviot merges with Quilter

WEALTH managers Cheviot Asset Management and Quilter & Co have agreed to merge.

Both have their headquarters in London but Cheviot opened at Liverpool’s St Paul’s Square last year and Quilter has offices in Manchester and Liverpool.

The deal, funded by Quilter’s European private equity firm owner Bridgepoint, is subject to regulatory approval but is likely to complete at the end of the year.

Quilter, with a national office network and 385 staff, is the larger of the two with around £8.2bn under management. Cheviot has some £4.1bn and 139 staff.

The combined group will be run by Quilter’s chief executive Martin Baines. Cheviot’s chief executive Michael Kerr-Dineen will join the holdings board of Quilter Cheviot and act as a senior adviser to the firm.

Mr Baines said: “We have made no secret of our intention to join forces with complementary businesses to accelerate our growth and there is a really strong fit between the two firms.

“The many synergies will benefit all of our clients and, as a combined business managing over £12bn of assets, we will have the scale and resources to be an even more powerful contender in the private client wealth management sector.”  

Mr Kerr-Dineen said: “Cheviot has had a tremendous run of success since we started out in 2006. This transaction is recognition of all we have achieved and provides us with far greater scale and geographic reach and will enable us to enhance our client services and capabilities still further.

“Quilter shares many of our values and aspirations and we are all looking forward to working with our new colleagues. The creation of Quilter Cheviot will provide wealth management clients with a tremendous source of advice, experience and security in today’s uncertain financial markets.”

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