Quilter & Co Limited (Quilter), the specialist private client wealth management business has today announced that it has signed an agreement with fellow independently owned discretionary investment firm Cheviot Asset Management to combine their two businesses. The transaction, which has been funded by Quilter’s European private equity firm owner, Bridgepoint, is subject to regulatory approval but is likely to complete at the end of the year. Terms of the transaction were not disclosed.

The combined business, which will be known as Quilter Cheviot, will have total assets under management of more than £12 billion (Quilter's £8.2 billion and Cheviot's £4.1 billion), most of which are discretionary portfolios run on behalf of private clients, charities and trusts, pension funds, corporate bodies and life companies. Quilter has 385 staff based in thirteen locations in the UK, Jersey and Ireland. Cheviot has 139 partners and other staff in offices in London and Liverpool.

The combined group will be run by CEO Martin Baines, Quilter's current Chief Executive. Cheviot CEO Michael Kerr-Dineen will join the holdings board of Quilter Cheviot and act as a senior adviser to the firm.

Martin Baines, Chief Executive Officer of Quilter said: "We have made no secret of our intention to join forces with complementary businesses 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 £12 billion of assets, we will have the scale and resources to be an even more powerful contender in the private client wealth management sector."

Michael Kerr-Dineen said: "Cheviot has had a tremendous run of success since we started out in 2006. This transaction is recognition of all we have achieved and provides us with far greater scale and geographic reach and will enable us to enhance our client services and capabilities still further. Quilter shares many of our values and aspirations and we are all looking forward to working with our new colleagues. 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."

Stephen Green, the partner responsible for Bridgepoint's UK investment activities, said: "Scale as well as investment excellence are increasingly important in building businesses like Quilter. This acquisition brings together some of the best people in the fund management industry and goes some way to reinforcing Quilter Cheviot's position as one of the UK's leading private client investment management firms."