Standard Life to acquire Newton’s wealth arm for £90m

Standard Life is set to acquire Newton Investment Management’s wealth management arm for up to £90 million, according to reports.

The Daily Telegraph reported that talks are being led by Richard Charnock (pictured) head of Standard Life's adviser and investment unit.

According to the paper other bidders are understood to have included Rathbones and Quilter, but Standard Life is believed to have entered exclusive talks following a number of rounds of bidding.

The wealth business, which has £3.5 billion of assets under management, is part of Newton Investment Management, which manages assets of more than £49.6 billion, and is run by chief executive Helena Morrisey.

The paper said Morrisey is understood to have been involved in parts of the negotiation of the sale.