It is stated that the sale, of Newton’s GBP3.5 billion wealth portfolios could be announced imminently and that the talks are being led for Standard Life by Richard Charnock, head of its wealth arm.
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Though there are other bidders such as Rathbones, the private bank, and Quilter, which is owned by private equity firm Bridgepoint, Standard Life is believed to have entered exclusivity following a number of rounds of bidding.
Helena Morrisey, the chief executive of Newton Investment Management is also involved in the discussions.
The sale of Newton private client business was first reported in December 2012 and the sale is the latest in a series of consolidation moves in the wealth management sector.
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