Bloomberg News

Morgan Stanley Smith Barney to Sell Quilter to Bridgepoint

January 24, 2012

(Updates with company comment in third paragraph.)

Jan. 24 (Bloomberg) -- Morgan Stanley Smith Barney is selling U.K. wealth manager Quilter Holdings Ltd. to London- based buyout firm Bridgepoint Capital Ltd. for an undisclosed sum.

The transaction is expected to close in the first quarter of 2012, Morgan Stanley Smith Barney said in an e-mailed statement today.

“This sale reflects our determination to intensify our wealth management focus on our core businesses, including the ultra-high-net-worth market segment in Europe, Middle East, and Africa, as we finalize the integration of Morgan Stanley Smith Barney in 2012,” said Gregory J. Fleming, president of Morgan Stanley Smith Barney in the statement.

Quilter has about 7.6 billion pounds ($11.8 billion) of funds under management and oversees money on behalf of charities, trusts, private clients and pension funds, according to its website. Quilter is owned by Morgan Stanley Smith Barney, the brokerage joint venture between New York-based Morgan Stanley and Citigroup Inc. Morgan Stanley, the sixth-biggest U.S. bank by assets, took control of the venture in 2009.

--Editors: Jon Menon, Francis Harris

To contact the reporter on this story: Ambereen Choudhury in London at achoudhury@bloomberg.net

To contact the editor responsible for this story: Jon Menon at jmenon1@bloomberg.net


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