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November 13, 2012updated 04 Apr 2017 3:32pm

Quilter takes over Cheviot in powerhouse merger

Quilter, Morgan Stanley Smith Barney's (MSSB) former UK retail wealth management business, has acquired Cheviot Asset Management after hints at more acquisitions by its new owner private equity group Bridgepoint.

By Elsa Buchanan

Quilter, Morgan Stanley Smith Barney’s (MSSB) former UK retail wealth management business, has acquired Cheviot Asset Management after hints at more acquisitions by its new owner private equity group Bridgepoint.

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Quilter has confirmed the acquisition of discretionary investment firm, Cheviot Asset Management, and will merge the two businesses to create Quilter Cheviot.

The transaction is subject to regulatory approval but is likely to be complete by the end of the year.

 

Merger: Investment powerhouse with total AuM of over £12bn

Cheviot will add around £4.1bn ($6.5bn) total assets under management (AuM) to Quilter’s £8.2bn, meaning the merged businesses will oversee more than £12bn mostly across discretionary portfolios.

The firms say they have yet to assess whether any job losses will be necessary as a result of the merger.

Quilter, who specialises in private clients with over £200,000 to invest, has 385 staff based in the UK, Jersey and Ireland while Cheviot has 139 partners and other staff in offices in the UK.

 

Merger part of "growth" strategy

 

The group will be run by Quilter CEO, Martin Baines, who 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 deal was fully funded by Quilter’s private equity parent, Bridgepoint, after Bridgepoint partner, Michael Black announced the firm’s strategy in February.

He said, "We believe that there is every opportunity for Quilter to accelerate its growth organically, as well as make complementary acquisitions for the business."

 

Ownership timeline

 

1986: Banque Paribas acquires Quilter Goodison

1988: Quilter sold to Commercial Union (now Aviva)

2000: Quilter sold to Morgan Stanley

2006: Morgan Stanley sells Quilter to Citigroup

2009: Quilter goes back to Morgan Stanley after the latter forms a wealth joint venture, Morgan Stanley Smith Barney with Citigroup

2012: Quilter sold to Bridgepoint and Quilter senior management

 

Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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