Quilter in advanced talks to acquire Cheviot

Quilter has confirmed it is in advanced talks to acquire Cheviot Asset Management.

The merger is to be facilitated by private equity group Bridgepoint after the firm acquired Quilter from Morgan Stanley earlier this year for around £180m.

The private equity firm plans to merge the two major wealth managers to create a firm with £12bn of client assets and 34,000 clients.

Sky News reports that the price Bridgepoint is paying for Cheviot is unclear, although it is understood to be less than £100m.

Quilter CEO Martin Barnes says: “When Bridgepoint invested in Quilter earlier this year, we stated that an active search for complementary acquisitions would follow. We are currently in exclusive discussions with Cheviot Asset Management and expect to be able to provide more information in due course. We’re not able to provide more detailed answers to questions until then.”