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Morgan Stanley plans to sell UK wealth advisory firm Quilter

US-based financial services firm Morgan Stanley is planning to sell its UK wealth advisory firm Quilter Holdings to private equity firm Bridgepoint Capital.

Quilter provides wealth management advice to a variety of clients, including individuals, families, trusts and foundations in control of pools of assets and liquidity.

As of 31 December 2011, Quilter had £7.6bn in assets under management.

Quilter is headed by CEO Martin Baines and has offices in Britain, Jersey and Ireland.

Morgan Stanley has sold Quilter Holdings to Citigroup in 2006, but reacquired the business in 2009 when the two banks combined their wealth management operations in the joint venture Morgan Stanley Smith Barney.

In 2005, Bridgepoint acquired Tilney, a UK-based asset management company focused on high net worth private clients.