Morgan Stanley Smith Barney (MSSB) has sold
its UK retail wealth management business Quilter to its management
and private equity house Bridgepoint.
MSSB president Greg Fleming said the sale
reflected its wealth management strategy to focus on our core
businesses, including the ultra high net worth (HNW) market segment
in Europe, Middle East, and Africa.
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Quilter’s core offering is its discretionary
portfolio service for investors with £200,000 or more to
invest.
More than $11bn funds under management
Quilter had £7.6bn ($11.8bn) in funds under management (FUM) as
at 31 December 2011.
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By GlobalDataHowever, the UK wealth manager would not disclose the FUM for
clients with more than $1m.
Clients include private high net worth (HNW)
individuals, charities and trusts, pension funds, corporate bodies
and life companies.
The business employs about 350 staff in 13
offices throughout the UK, Jersey and Ireland.
The deal is subject to regulatory approval and
is expected to complete in the first quarter of 2012.
