Wealth manager Quilter Cheviot sold for £585m

WEALTH management firm Quilter Cheviot, which had been looking at an IPO, has instead been sold to Old Mutual for £585m.

The firm, which has offices in Liverpool and Manchester, will become a key part of Old Mutual’s Wealth division. It was previously backed by private equity firm Bridgepoint.

The takeover will create a combined group with £92bn of funds under management and Old Mutual said it aimed to achieve annual cost savings of £15m by 2017.

Old Mutual chief executive Julian Roberts said: “The acquisition of Quilter Cheviot delivers the final substantive part of our investment programme in the UK towards building a vertically integrated wealth management business of scale.”

Martin Baines, chief executive of Quilter Cheviot, said: “This is an exciting development for our business, our clients and our intermediary partners as we become part of Old Mutual Wealth, where our services will be complementary to the existing offering.

“The long term parentage and financial security that the acquisition provides will allow us to continue to do what we do best, manage clients’ money on a bespoke discretionary basis, providing high levels of service to both clients and intermediaries without compromise.”

Mr Baines will be remaining post acquisition.

 

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