Wealth manager Quilter sold to Bridgepoint

Morgan Stanley Smith Barney has this morning confirmed the sale of wealth manager Quilter to private equity firm Bridgepoint, in a deal reportedly worth £175m.

The terms of the transaction, planned to complete in the first quarter of 2012, were not disclosed, but it includes the transfer of the Quilter management team.

Quilter was bought by Morgan Stanley Smith Barney in 2008, after two years of ownership by Citigroup.

Martin Baines, CEO of Quilter, said: "This is an extremely exciting move for us, not least because Bridgepoint is very enthusiastic about our management team and our strategy for the firm.

"The Quilter team has long maintained its belief in the strength of the Quilter brand, and now, as an independent entity, we will have even more flexibility in how we operate.

"This is a vital attribute in a fast changing market, when the opportunities to meet the evolving needs of our clients and intermediaries call for greater agility and entrepreneurial thinking."