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DFMs Quilter and Cheviot merge

DFMs Quilter and Cheviot merge

Discretionary fund manager Quilter has merged with Cheviot Asset Management in a deal funded by Quilter’s private equity owners Bridgepoint.

The deal is awaiting approval by the Financial Services Authority (FSA) and will result in the two firms being rebranded under the name Quilter Cheviot.

Quilter confirmed it was in talks to buy Cheviot in October and the transaction is anticipated to be completed by the end of the year

The new business will have assets under management of more than £12 billion, £8.2 billion from Quilter's and £4.1 billion from Cheviot.

The new company will also combine Quilter's 385 members of staff based in the UK, Jersey and Ireland and Cheviot's 139 partners and staff in London and Liverpool.

The new group will be run by 's current chief executive Martin Baines who will be chief executive of the company with Cheviot's chief executive Michael Kerr-Dineen acting as a senior adviser to the firm and also a member of the holdings board of Quilter Cheviot.

Martin Baines (pictured), 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.

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