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Quilter in advanced talks to acquire Cheviot

Quilter has confirmed it is in advanced talks to acquire Cheviot Asset Management.

The merger is to be facilitated by private equity group Bridgepoint after the firm acquired Quilter from Morgan Stanley earlier this year for around £180m.

The private equity firm plans to merge the two major wealth managers to create a firm with £12bn of client assets and 34,000 clients.

Sky News reports the price Bridgepoint is paying for Cheviot is unclear, although it is understood to be less than £100m.

Quilter CEO Martin Barnes says: “When Bridgepoint invested in Quilter earlier this year, we stated that an active search for complementary acquisitions would follow. We are currently in exclusive discussions with Cheviot Asset Management and expect to be able to provide more information in due course. We’re not able to provide more detailed answers to questions until then.”



MEPs vote against Europe-wide commission ban

The European Parliament has today voted against a Europe-wide ban on adviser commission in Mifid II. MEPs approved a ban on commission for independent financial advisers but opted only for more transparency for other advisers. The vote was overwhelmingly passed with 495 MEPs in favour, 15 against and 19 abstentions. Last month, the Economic and […]


Rob Clifford: Crackdown on incentives should be proportionate

The FSA’s recent report revealed how high-volume, target-driven bonuses and pay structures can motivate bad practice. This is no surprise to you and I. The two most quoted examples of their findings include a sales team where bonuses were multiplied up to eight times for cross-selling protection products and a firm which ran a ‘super-bonus’ […]


Mortgage analysis: Lenders call for clarity on interest-only responsibility

The FSA needs to clarify its proposed rules on interest-only mortgages to ensure lenders are not held responsible for the performance of customers’ chosen repayment vehicle, according to the Council of Mortgage Lenders. For the past three years, the regulator has been consulting on a set of proposals to reform mortgage regulation, called the mortgage […]


FSA cracks down on banned advisers still offering advice

The FSA is cracking down on banned advisers believed to be continuing to give advice. The regulator has announced details of two separate investigations into unauthorised business carried out by banned individuals. The first investigation relates to Gary Hexley and John Cooper, Hexley’s business partner. The FSA has charged Hexley with six offences relating to […]


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