At the end of last year, Newton appointed investment bank Evercore to arrange the sale of the Bank of New York Mellon-owned wealth management business, a move in line with other banks looking to sell off non-core businesses.
At the time private bank Quilters, investment manager Rathbone and life company Standard Life opened up negotiations but the latest report, according to The Daily Telegraph, is that Richard Charnock, chief executive of Standard Life Wealth and managing director, adviser and investment, for Standard Life, is believed to have “entered exclusivity following a number of round of bidding”.
The discussions concern the £3.5bn in Standard Life Wealth’s assets under management though both Standard Life and Newton are not commenting any further.
