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Citi wins bidding war for Morgan Stanley's Quilter

FWR Staff

18 December 2006

Bank says U.K. wealth manager helps it establish "meaningful" U.K. presence. Morgan Stanley has agreed to sell Quilter, a U.K. wealth manager, to Citigroup, which seems to have elbowed aside a clutch of rival suitors for the privilege.

No one is saying what Citigroup will pay for Quilter.

Chosen

"Quilter is an important step in establishing a meaningful presence in the UK, with an excellent platform to support the further growth of our private bank and international Smith Barney businesses," says John Longley, global head of Citigroup Wealth Advisors.

Smith Barney is Citigroup's primary brokerage unit.

U.K.-media reports say there were more than a dozen bidders for Quilter besides Citigroup including Credit Suisse, Deutsche Bank, the Royal Bank of Canada and U.K.-based private-client specialists Rathbones and Rensburg Sheppards.

London-based Quilters provides discretionary fund management and advisory services to private clients, charities and trusts. It has about $11 billion in funds under management and a staff of 300 in 10 offices in England, Scotland the Channel Islands and the Republic of Ireland. -FWR

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