Located in St. Paul’s Square, wealth management operation Quilter Cheviot is to be acquired by its competitor Old Mutual Wealth as part of a £585 million deal.

The Liverpool office, which employs 24 people, is run by investment managers Simon Walker and Richard Thorn. The buyout comes only two years after Quilter and Cheviot Asset Management merged to become Quilter Cheviot.

From September 2014, Quilter Cheviot has approximately £16 billion of funds under management through its nationwide offices, with the Liverpool office alone managing a reported £740 million.

Customers investing through the current Old Mutual Wealth platform usually hold between £50,000 and £250,000, while Quilter Cheviot’s more discretionary investment services can handle investments from private individuals of up to £500,000.

Martin Baines, chief executive of Quilter Cheviot, will stay in his role at the company and will join Old Mutual Wealth executive committee, reporting to Paul Feeney, chief executive of Old Mutual Wealth.

Mr Baines said:

“This is an exciting development for our business, our clients and our intermediary partners as we become part of Old Mutual Wealth, where our services will be complementary to the existing offering.

“Old Mutual Wealth has a very strong distribution network through which we will be able to promote our discretionary investment management services and we will get greater access to the market leading asset management capability within Old Mutual Global Investors.

“The long term parentage and financial security that the acquisition provides will allow us to continue to do what we do best – manage clients’ money on a bespoke discretionary basis.”

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Words: Peter Cribley