Quilter Is Reviewing Possible Sale of International Operations

(Bloomberg) -- Quilter Plc, the British wealth manager, is considering a sale of its international operations as it continues to streamline its business.

The company’s board has begun a strategic review of the unit and hasn’t decided whether to keep or divest it, London-listed Quilter said in a statement Thursday. The firm is working with an adviser to gauge interest in the business, according to people with knowledge of the matter, who asked not to be identified because the information is private.

The international business, which offers investment products targeted at expatriates, had about 20.6 billion pounds ($27.4 billion) of assets at the end of September.

Quilter as a whole had about 109.5 billion pounds under management at the end of the period. The company has been divesting peripheral operations, agreeing last year to sell a portfolio of heritage life insurance and pension policies to focus on wealth management in the U.K.

©2020 Bloomberg L.P.