Old Mutual Wealth buys Quilter Cheviot for £585m

Old Mutual Wealth has finalised a deal to acquire Quilter Cheviot for £585m.

The group said the acquisition of the discretionary business - which has £16bn in AUM and 165 investment managers - completes its attempts to build a vertically integrated wealth and investment business. The deal follows speculation Old Mutual Wealth would pay as much as £650m for the business, said to have been targeted for a flotation by private equity parent Bridgepoint earlier this year. Having acquired the Intrinsic network of advisers earlier this year, Old Mutual Wealth said its latest purchase will enable it to access higher net worth clients - as well as tapping into the grow...