Quilter Cheviot rebuffs £600m approach by Old Mutual

Quilter Cheviot, the UK's second-biggest independent wealth management group, has rejected a £600m bid from Old Mutual, according to a report.

Sky News reported late Friday that Quilter Cheviot, which manages around £16bn in assets, was the subject of a recent bid from the FTSE 100 group. Bridgepoint, the private equity firm which controls Quilter Cheviot, is understood to have rejected the proposal on the grounds that it undervalued the company. Bridgepoint acquired Quilter in 2012, prior to its merger with Cheviot Asset Management the following year. This summer it emerged Bridgepoint was planning an IPO for the wealth manager, which analysts said could raise as much as £700m. In a statement to Sky News, the private ...