Quilter Cheviot has £16.7bn funds under management and 500 employees, including 165 investment managers.
In October, it was reported that Old Mutual Wealth was in advanced talks to buy the wealth manager.
Old Mutual Wealth says Quilter Cheviot’s discretionary investment management service will sit alongside its existing packaged investment solutions such as WealthSelect, Cirilium and Spectrum.
Quilter Cheviot chief executive Martin Baines will join the Old Mutual Wealth executive committee, reporting to chief executive Paul Feeney.
Feeney says: “The acquisition of Quilter Cheviot is an important step in delivering a complete set of solutions to meet the wide ranging needs of advisers and clients.”