According to the report, Old Mutual is closing in on the deal after raising its original bid for the firm by around £50m.
In September, reports surfaced suggesting Quilter Cheviot had rejected an initial offer of £600m from the firm. At the time Bridgepoint, the wealth manager’s private equity backer, was said to have rejected the offer on the grounds that it undervalued Quilter.
Despite the increased offer it remains uncertain whether a deal will be completed, however. Bridgepoint has previously said it is focused on a flotation which is likely to take place later in the year.
In a statement issued last month, Bridegepoint said: “Inevitably when IPO plans are being prepared there is parallel speculation and rumours about alternatives. We never comment on such rumours.”