Wealth manager Quilter has acquired a UK rival, Cheviot Asset Management, in a significant move that will add 50 per cent to the group’s funds under management.

The combined business, which will be known as Quilter Cheviot, will have total assets under management of more than £12 billion (€15 billion): Quilter’s £8.2 billion and Cheviot’s £4.1 billion.

Quilter, which specialises in private clients, employs 385 staff in Ireland, Britain and Jersey.

Cheviot has 139 staff in London and Liverpool.

The terms of the deal were not disclosed. Transactions in the investment sector are measured in terms of funds under management.

While the industry average is close to 4 per cent, it is thought that the Quilter deal was more competitive.