Second division wealth fund ‘up for sale’
Quilter, with £7.6bn under management, takes private clients prepared to invest at least £25,000, while international private banking businesses such as Morgan Stanley’s typically cater to clients worth millions.
Morgan Stanley first sold Quilter to rival Citi in 2006, before coming to own it again after buying a majority stake in Smith Barney from Citi.
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Hide AdUS banking groups like Morgan Stanley operate private banks in Europe that concentrate on the super rich, while running wealth management brokerage businesses in their home market for the so-called mass affluent.
Quilter, Morgan Stanley and Bridgepoint all declined to comment yesterday.
Morgan Stanley, which was founded in 1935, advises clients on strategic transactions, and provides opportunities for individual and institutional investors.