Standard Life is to buy Newton’s £3.5 billion UK wealth management division, beating off a crowd of rival bidders believed to include Rathbones and Quilter.
The talks, which are said to value the business at £90 million, are now believed to become exclusive, the Telegraph reported.
The deal has been navigated by Standard Life Wealth boss and former Wealth Manager coverstar Richard Charnock, and will be considered something of a coup for him.
Charnock has made no secret of his ambitiously expansionary plans for the business. The deal is the latest in a series of high profile consolidations of discretionary fund management businesses.
Quilter and Cheviot agreed to merge in November of last year.