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