Old Mutual's wealth arm buys UK's Quilter Cheviot

Financial services group Old Mutual's wealth arm said on Friday it would buy money manager Quilter Cheviot from European private equity house Bridgepoint, strengthening its focus on richer customers. The 585 million pound ($941 million) purchase brings Old Mutual Wealth's assets under management to 92 billion pounds ($148 billion), a rise of more than 20 percent. The purchase will increase Old Mutual (Other OTC: ODMTY - news) 's exposure to the lucrative wealth management market, which is forecast to grow by between 6 and 8 percent a year. The deal would enable Old Mutual to offer investment management services to clients with more than 1 million pounds to invest, Old Mutual CEO Julian Roberts told Reuters, adding to existing "affluent" customers, who have at least 50,000 pounds.

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