The first round of bids for UK-based wealth manager Morgan Stanley Quilter closed on Friday, according to a report in the Sunday Times. Q...

The first round of bids for UK-based wealth manager Morgan Stanley Quilter closed on Friday, according to a report in the Sunday Times. Quilter is up for sale with an indicative price of £210 million according to reports in the UK press. Amongst those reportedly participating in the first round were Citigroup, Credit Suisse, Deutsche Bank, Royal Bank of Canada, Rathbones and Rensburg Sheppards. Barclays was reported to have decided against a bid for Quilter, which has £5.7 billion in funds under management and employs 313 staff in offices throughout Britain, the Channel Islands and Ireland, with a focus on the affluent market. Morgan Stanley, which paid £172 million ($392 million) for former stockbroker Quilter Goodison in 2000, is to concentrate only on individuals worth more than $10 million outside the US.