Quilter and Cheviot in £12bn merger

Quilter has signed an agreement with Cheviot Asset Management that will see the two businesses merge by the end of the year.

The deal, funded by Quilter's private equity owner Bridgepoint, is understood to have cost the group up to £100m. The new group - known as Quilter Cheviot and headed by Martin Baines, Quilter's current chief executive - will have a total of £12bn in assets under management. Cheviot CEO Michael Kerr-Dineen will join the board of Quilter Cheviot and act as a senior adviser to the firm. Baines 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. "The many synergie...