Quilter , a leading provider of investments, advice and wealth management in the UK is selling its international business to utmost group for £483m.
This sale will allow Quilter board to focus on its UK wealth management business. Quilter will receive approximately £483m in cash assuming completion on 31 December 2021.
The £483m price tag is inclusive of a 5 per cent interest charge on the base consideration of £460m from January 1, 2021.
The Isle of Man-based investment platform ( Quilter International ) for cross-border investments for UK residents, had £21.8 billion of AUM as of December 31, 2020.
Utmost International will have £52bn of combined assets under administration, 220,000 policies and would have written over £330m APE of new business in 2020, making it “a leader in the industry”
The Chief Executive Office of Quilter, Paul Feeney said
“The sale allows us to focus on accelerating our growth and efficiency plans as well as further simplifying and focusing our business on 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.”
The Chief Executive Office of Utmost Group, Paul Thompson said
“This is a highly attractive acquisition for Utmost Group and underscores the importance of our Utmost International business. Quilter International is highly complementary to our existing International business from both an operational, product and distribution perspective.
“The acquisition confirms Utmost Group’s position as a leading insurance consolidator with £58bn of assets under administration and 600K customers on a pro-forma basis and gives us an enhanced platform to pursue acquisitions.
“I look forward to welcoming all the staff, customers and distribution partners to our Group. We are delighted to work with Quilter on this transaction and look forward to a productive partnership in the future.”
