Standard Life is in discussions to acquire the private client business of Newton Investment Management for up to £90m, according to a report.
The investment company had received bids from a number of interested parties for its wealth management arm, including Rathbones and Quilter, but it has entered into exclusive discussions with Standard Life, reports The Telegraph.
The unit manages assets of more than £49.6bn and is run by chief executive Helena Morrisey.
Newton and Standard Life declined to comment on the report.
Three shifts in sector
Takeover rumours continue
Raised £116m in total
Protecting and dividing family wealth
'Pensions could veer off course'