Standard Life Investments is on track to acquire Newton’s £3.5bn wealth division in a deal worth up to £90m.
The Telegraph reports SLI adviser and investments managing director Richard Charnock is leading the talks following several rounds of bidding and has reportedly reached an exclusivity agreement.
Rathbones and Quilter are also believed to have been involved in the bidding process.
Newton was put up for sale in December, with boutique bank Evercore appointed to manage the process.
Standard Life declined to comment.