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Quilter sells Quilter International for £483m to 'simplify' business
StockMarketWire.com
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Wealth manager Quilter has announced the sale of Quilter International to Utmost for £483 million in a deal that it said will 'simplify' Quilter and focus the group on its higher growth UK wealth management business.
The deal, which has been 'unanimously agreed' by the board of Quilter, is expected to complete around the end of 2021.
The company expects net cash proceeds from the sale of approximately £450 million after allowing for transaction costs.
Quilter chief executive Paul Feeney said: 'It allows us to focus on accelerating our growth and efficiency plans as well as further simplifying and focusing our business around its core UK high net worth and affluent customer proposition. It also gives us the ability to deliver a further meaningful capital distribution to shareholders.
'With the recent completion of our platform transformation programme, we are set up for strong growth.'
Quilter announced that from the beginning of 2022 it will target annualised net client cash flow growth of at least 6% of opening AuMA in the medium term, an increase from the group's previous 5% per annum target, 'reflecting the revised corporate perimeter which will exclude the lower growth Quilter International business'.
Story provided by StockMarketWire.com
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