DISCRETIONARY fund manager Morgan Stanley Quilter is believed to have been put up for sale with its owner Morgan Stanley seeking around £210m for the business.
More than a dozen companies including Deutsche Bank, Credit Suisse and Rathbones, are understood to have submitted bids in the first round of the auction for the discretionary asset manager. It is believed the deal has been sanctioned because it would enable Morgan Stanley to concentrate on its high net worth wealth management business, whereas Morgan Stanley Quilter generally deals with the mass affluent market. In addition, James Gorman, global head of Morgan Stanley’s wealth management operations, is thought to want the bank’s business outside the US to focus only on individuals ...
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