Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Morgan Stanley sells Quilter to Bridgepoint

Morgan Stanley sells Quilter to Bridgepoint

Quilter-owner Morgan Stanley Smith Barney has agreed to sell the business to private equity firm Bridgepoint, in partnership with the Quilter management team. 

The terms of the transaction, planned to be completed in the first quarter of 2012, were not disclosed although reports suggest it was around the £170 million mark.  

The Quilter management team behind the deal includes chief executive Martin Baines, managing director and former Wealth Manager cover star Stephen Vakil and chief financial officer Terry Wade.   

Vakil would not disclose the split in equity between Bridgepoint and Quilter but said enough equity would be handed out to ensure key people were incentivised to remain with the business.

Quilter chief executive Martin Baines said: 'This is an extremely exciting move for us, not least because Bridgepoint is very enthusiastic about our management team and our strategy for the firm.  It is a tried and tested team that has been in place for many years in spite of changes of ownership.

He added: 'The Quilter team has long maintained its belief in the strength of the Quilter brand, and now, as an independent entity, we will have even more flexibility in how we operate. This is a vital attribute in a fast changing market, when the opportunities to meet the evolving needs of our clients and intermediaries call for greater agility and entrepreneurial thinking.

'We already have developments in efficiency, innovation and effectiveness in the pipeline, which we are much looking forward to announcing in the coming months.'

Quilter, which can trace its ancestry back to 1777,  has approximately £7.6 billion in assets under management with its clients comprising private clients, charities and trusts, pension funds, corporate bodies and life companies. It employs approximately 350 staff based in 13 locations throughout the UK, Jersey and Ireland.

Ownership has changed hands a number of times since the 1980s, with Commercial Union and Citigroup also among those which have controlled the business.   

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Big City Bright Future

Big City Bright Future

Big City Bright Future, the brainchild of BlackRock, is a three-week work experience programme for school leavers looking to forge a career in the City.

Play Kames' Ennett: Trump good for US high yield, but beware Europe

Kames' Ennett: Trump good for US high yield, but beware Europe

Kames Capital’s head of high yield David Ennett believes the changing political landscape will be a positive for the US, but negative for Europe in 2017.

Play Philip Milburn: why inflation won't run out of control

Philip Milburn: why inflation won't run out of control

Kames bond fund manager views inflation as more of 'scare' than a 'problem' and is positioning his portfolios accordingly.

Read More
Your Business: Cover Star Club

Profile: change is the only constant for Quilter Cheviot

Profile: change is the only constant for Quilter Cheviot

This is not the first time we have profiled David Miller, but at the time of his previous appearance his company looked very different.

Wealth Manager on Twitter