Quilter-owner Morgan Stanley Smith Barney has agreed to sell the business to private equity firm Bridgepoint and the Quilter management team
Quilter-owner Morgan Stanley Smith Barney has agreed to sell the business to private equity firm Bridgepoint and the Quilter management team.
The terms of the transaction, planned to be completed in the first quarter of 2012, were not disclosed.
The Quilter management team behind the deal includes chief executive Martin Baines, managing director Stephen Vakil and chief financial officer Terry Wade.
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Vakil (pictured) would not disclose the split in equity between Bridgepoint and the Quilter management but said enough equity would be handed out to ensure key people were incentivised to remain with the business.
Quilter chief executive Martin Baines said: ‘This is an extremely exciting move for us, not least because Bridgepoint is very enthusiastic about our management team and our strategy for the firm. It is a tried and tested team that has been in place for many years in spite of changes of ownership.
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