Morgan Stanley (NYSE: MS) today announced that it has reached an agreement to sell Quilter Holdings Ltd (“Quilter”), its standalone UK mass affluent business, to Citigroup. Terms of the transaction, which is scheduled to close during the first quarter 2007, were not disclosed.
“This sale is the result of our strategy to focus our UK wealth management effort on the high net worth and ultra high net worth market segments,” said James Gorman, President of Morgan Stanley’s Global Wealth Management Group. “We believe that there is a significant opportunity to leverage Morgan Stanley’s institutional franchise in these markets and this transaction will enable us to further invest in and grow our international Private Wealth Management business.”
Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management, wealth management and credit services. The Firm's employees serve clients worldwide including corporations, governments, institutions and individuals from more than 600 offices in 30 countries. For further information about Morgan Stanley, please visit www.morganstanley.com.
Morgan Stanley Private Wealth Management (“PWM”) was established in 1977 and serves a global client base from offices in the US, Europe, the Middle East and Asia. The division is dedicated to providing comprehensive wealth management advice to a variety of clients, including individuals, families, trusts and foundations in control of significant pools of assets and liquidity. Morgan Stanley’s PWM business in the UK currently manages in excess of £10 billion for high net worth and ultra high net worth clients.
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