UK-based wealth manager Quilter Cheviot has turned down a £600 million takeover offer from Old Mutual.
Old Mutual has recently submitted a bid to acquire Quilter Cheviot, which manages nearly £16 billion in assets, reported Sky News.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Bridgepoint, the private equity firm which controls Quilter Cheviot, has rebuffed the bid considering that it undervalued the company.
However, Investec was considered as another prospective buyer for the firm.
Additionally, Bridgepoint is seeking an IPO for the wealth manager that is expected to take place by the end of the year.
The acquisition of Quilter Cheviot will allow Old Mutual’s wealth management arm to create a platform for serving affluent clients across the sector.
"Inevitably when IPO plans are being prepared there is parallel speculation and rumours about alternatives. We never comment on such rumours," Bridgepoint was quoted as saying by Sky News.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataBridgepoint funded the Quilter merger with fellow private client investment firm Cheviot in November 2012.
