Quilter set to be snapped up by private equity firm-reports

Wealth management firm Quilter, owned by Wall Street bank Morgan Stanley, is in discussions about a possible sale to a private equity firm.

Morgan Stanley is understood to be in exclusive discussions with private equity firm Bridgepoint over the sale of the UK wealth management firm for around £180m, reports Sky News.

The deal is likely to be announced later this week after Bridgepoint saw off competition from fellow buyout firm Permira.

Quilter has approximately £7.6bn in funds under management and clients including private clients, charities and trusts, pension funds, corporate bodies and life companies.

It is owned by Morgan Stanley Smith Barney - a joint venture between Morgan Stanley and Citigroup.