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View the article online at http://citywire.co.uk/wealth-manager/article/a634643

Quilter eyes more targets after £100m Cheviot deal

by Danielle Levy on Nov 19, 2012 at 10:45

Quilter eyes more targets after £100m Cheviot deal

Quilter is not ruling out further acquisitions after snapping up Cheviot Asset Management and part of Michael Kerr-Dineen’s new role in the combined group will be to identify new targets.

In the wake of the deal – understood to be worth around £100 million and funded by Quilter’s private equity parent Bridgepoint – Quilter chief Martin Baines told Wealth Manager: ‘You can never say never. We have just exchanged on this transaction, but certainly we will be looking at other opportunities that come up – smaller acquisitions, I would think, to ones of this scale. When these things are available, and sensibly available, we would be interested.’

Baines, who will be chief executive of the enlarged co-branded group, also praised parent Bridgepoint’s involvement in the transaction and said an exit strategy was unlikely right now.

His sentiments were echoed by Cheviot chief executive Kerr-Dineen (pictured), who will act as a senior adviser to the combined group and join the holdings board of Quilter Cheviot. He will focus on marketing and potential acquisition opportunities as part of his new role and hopes that working with Bridgepoint will ‘open up new routes’.

‘Who knows in five or six years’ time what we will do,’ he added.

Kerr-Dineen and Baines were also keen to stress that the new group has no plans to rush the integration of the two businesses, particularly the investment processes and remuneration policies.

Question marks also remain over the integration of the two platforms and where the London and Liverpool offices will be based.

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