Investment company bought by insurers Utmost
Isle of Man-based investment company Quilter International has been sold for £483 million.
Insurer, Utmost Group Limited, has entered an agreement to acquire the firm, subject to approval.
The transaction is expected to take several months to process, but is agreed to be complete by the end of the year.
During that time almost £22bn worth of assets and 90,000 policies under Quilter International will be moved to Utmost.
The board of parent company Quilter PLC are said to have agreed on the move in order to focus on its UK wealth management business.
Paul Feeney, Quilter CEO, told the Financial Times "[The sale] allows us to focus on accelerating our growth and efficiency plans as well as furthersimplifying and focusing our business on its core UK high net worth and affluent customer proposition."
"It also gives us the ability to deliver a further meaningful capital distribution to shareholders. With the recent completion of our platform transformation programme, we are set up for strong growth."
It’s not know whether this change of hands will affect jobs at the former Old Mutual headquarters in King Edward Bay House.
Manx Radio has contacted Quilter for further comment.