PRIVATE EQUITY group Bridgepoint Capital has acquired Quilter, the private wealth management business of Morgan Stanley, in a deal understood to be worth just over €200 million.
It is the second time that Morgan Stanley has sold Quilter, which has €9.1 billion in assets under management and caters to private clients, charities, trusts and pension funds. The US bank sold Quilter to rival Citigroup in 2006, but Morgan Stanley reacquired the business when it took a majority stake in Smith Barney three years ago.
Quilter operates with customers who have at least £200,000 (€240,000) in assets, and it has 26,000 clients in Britain and Ireland.
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