Asset management firms to merge
The merger of asset management firms Quilter and Cheviot has been announced.
Asset management firms Quilter and Co and Cheviot Asset Management have revealed they are to merge.
The joint announcement following successful business negotiations will lead to the creation of a new firm called Quilter Cheviot, with combined assets of £12 billion and 13 offices in Britain, Ireland and Jersey.
Quilter is the larger of the two with £8.2 billion of assets and 385 staff, while Cheviot handles £4.1 billion assets and has 139 partners.
Commenting on the transaction, Quilter chief executive Martin Baines 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."
Other financial sector mergers announced in recent days include that of accountants BDO and PFK (UK).
The pair, who will form a company with around 3,500 staff and annual revenues in the region of 3,400 million, noted it was the first strategic merger by two UK accountancy firms in 15 years.