British wealth manager Quilter has confirmed that it is contemplating a sale of its international operations.
The confirmation comes in response to a report by Bloomberg.
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The company said that its board has started a strategic review of Quilter International ‘to evaluate its role in delivering Quilter’s future growth ambitions’.
“The review is at an early stage and as such the outcome is not yet known. Options range from a decision to retain Quilter International through to a disposal of the business,” Quilter said in a statement.
It also added that the board is yet to take a decision on any option and the possibility of a deal materialising is still uncertain.
Quilter said that it will update the market on its decision when appropriate.
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By GlobalDataFormerly known as Old Mutual International, Quilter International provides investment products for expatriates. It had nearly £20.6bn ($27.4 bn) in assets at the end of September.
Quilter, which oversees £109.5bn in customer investments, has been selling peripheral operations.
Last year, the company agreed to offload a portfolio of heritage life insurance and pension policies.
In April this year, Quilter said that it will continue with its dividend proposal and share repurchase programme despite the market turbulence triggered by the Covid-19 pandemic.
The wealth manager registered an attributable loss before tax from continuing operations of £53m in 2019, versus a profit of £41m in 2018.
Last month, Quilter International announced the addition of two new bonds to its offshore bond proposition – an International Wealth Bond, life version and an International Wealth bond, redemption version.
