The deal, which has been funded by Quilter’s European private equity firm owner Bridgepoint, will see the two businesses combined and operate under the Quilter Cheviot name.
After the merger, which is subject to regulatory approval, the combined companies will have total assets under management of more than £12bn, with £8.2bn coming from Quilter and £4.1bn from Cheviot.
Martin Baines, chief executive of Quilter, said: “We have made no secret of our intention to join forces with complementary businesses (links to our sister publicationr Portfolio Adviser) to accelerate our growth and there is a really strong fit between the two firms.
“The many synergies will benefit all of our clients and, as a combined business managing over £12bn of assets, we will have the scale and resources to be an even more powerful contender in the private client wealth management sector.”
Baines will become chief executive of the combined group following the merger. Cheviot chief executive Michael Kerr-Dineen will join the holdings board of Quilter Cheviot as well as acting as a senior adviser to the merged business.
Kerr-Dineen added: “The creation of Quilter Cheviot will provide wealth management clients with a tremendous source of advice, experience and security in today’s uncertain financial markets.”
