Wow – £600m Bid For A Wealth Management Company

Quilter Cheviot is the UK’s second-biggest independent wealth manager and it has received a 600million takeover offer by Old Mutual, the FTSE-100 financial services group.

It is said that there could be one more superior bid, while other prospective buyers such as Investec may now withdraw interest in the company. Quilter Cheviot dates back to 1771, making it one of the UK’s oldest financial services firms and Bridgepoint, the private equity firm which controls the company is said to be holding out for a £700m bid.

Both companies have declined to comment and only time will tell how negotiations pan out, but it looks very likely that this ongoing saga will be drawn to a close very soon.