Exclusive: Wealth manager ponders market listing in London

 
Michael Bow
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THE OWNER of sandwich takeaway chain Pret a Manger is evaluating plans to list one of the UK’s biggest wealth managers on the London stock market, the latest in a string of potential new issues from mid-market buyout firms.

UK-based private equity house Bridgepoint is evaluating a potential initial public offering (IPO) for Quilter Cheviot, the 240-year-old wealth advisory firm it acquired in 2012.

The group is close to hiring Evercore Partners, an advisory firm, to explore the proposal, although no decision has been made on whether to pursue a listing. Bridgepoint declined to comment.

Quilter Cheviot was formed by Bridgepoint in 2012 through a merger of Quilter & Co and smaller firm Cheviot Asset Management.

The roots of Quilter & Co date back to 1777 while Cheviot was founded in 2006 by former UBS banker Michael Kerr-Dineen.

Wealth managers have also enjoyed a boom over the past year, with rivals like St James’s Place breaking into the FTSE 100 and others, such as Rathbone Brothers, Brewin Dolphin and Brooks Macdonald, posting record results.

Private equity firms are gearing up for a busy period of floats, with Exponent plotting to list shares in ticket site thetrainline.com and Lloyds Development Capital exploring options for energy site uSwitch. Bridgepoint is also considering plans to list another of its firms, online cycle shop Wiggle.