Old Mutual Wealth secures £585m Quilter Cheviot deal

The group said the acquisition of Quilter Cheviot - which has £16bn in AUM and 165 investment managers - completes the proposition with the addition of a discretionary investment management service. Old Mutual Wealth said following approval from regulators, Quilter Cheviot will become the discretionary investment management business within Old Mutual Wealth. The deal comes following speculation Old Mutual Wealth would pay as much as £650m for the business, following reports its initial offer of £600m had been rejected. Quilter Cheviot's parent Bridgepoint was also said to have been...