Linklaters has advised Bridgepoint and Quilter Cheviot, the UK private wealth manager, on the sale of Quilter Cheviot to financial services group Old Mutual plc in a transaction totalling £585 million.

Quilter & Co. Ltd was originally acquired by Bridgepoint at the end of 2011 in a primary buyout, which Linklaters also advised on, from Morgan Stanley Smith Barney when the specialist private client wealth management group had c.£7.6 billion of funds under management.

Since then, the company has undergone a number of changes that included the completion of the off-market £95 million acquisition of Cheviot, on which Linklaters also advised, and has more than doubled assets under management to £16 billion. Reflecting the company's high level of recurring revenues, strong earnings growth and cash generation, the business also completed a refinancing in 2013.

The Linklaters team advising on the transaction was led by corporate partners Stuart Boyd and Nick Rees, and associates Neil Campbell and Pamela Brent.

The transaction was run as a dual track sale and IPO process. The IPO work stream was led by Iain Wagstaff and Mike Bienenfeld.