US banking giant Citi has completed its 100% acquisition of UK wealth advisory firm Quilter from Morgan Stanley, after all the required regulatory approvals were received. The acquisition strengthens Citi's global wealth management presence in the UK.
According to Citi, the acquisition of Quilter, which has over GBP5.8 billion assets under management, has placed the group among the top 10 UK wealth managers, in terms of client assets.
Citi has said that Quilter’s business model, which focuses on discretionary, fee-based wealth advisory services, will complement the group’s current wealth management capabilities, available through Citi Private Bank and Citi Smith Barney.
Quilter will become part of Citi’s global wealth management (GWM) platform in Europe, under the leadership of Marianne Hay, CEO of GWM Europe. In addition, Martin Baines, CEO of Quilter, will continue to manage that business within GWM, reporting to Ms Hay and John Longley, global head of the international businesses of Citi Smith Barney.
In addition, Ms Hay, Ernest Boles, and Robert Stemmons have been appointed to the board of Quilter Holdings.
Quilter has over 18,000 clients and 300 staff located in 10 offices throughout the UK, Ireland and the Channel Islands.