The deal is part of a plan to refocus the business solely on wealth management, which resulted from a strategic review that began at the beginning of the year.
The transaction is yet to be finalised. In the stock exchange announcement issued today, Charles Stanley said it would confirm further details at a later date.
The firm is also planning to sell off Charles Stanley Financial Solutions as another element of the streamlining process.
The group hopes the sales of these units will create more financial ‘headroom’ above the minimum capital requirements set out by the Financial Conduct Authority.
