CGNU To Sell Quilters Stake
CGNU PLC
15 September 2000
CGNU TO SELL STAKE IN QUILTER HOLDINGS LTD
CGNU plc announces that it is to sell its 70 per cent stake in
Quilter Holdings Limited ('Quilter').
Quilter is a private client investment manager providing
discretionary investment management and advisory services to
individuals, pension funds and the trustees of family settlements
and charities. It currently has 27,000 clients and around £5bn of
assets under management.
Philip Twyman, CGNU's Executive Director responsible for asset
management, strategy and international, said, 'The sale of Quilter
is part of our general review of group businesses. Quilter is an
excellent business, but it would require significant further
investment to meet our stated objective of being a top five player
in the markets in which we operate. Quilter is a strong and well
managed business with an established brand name and we believe that
the sale of our stake will attract considerable interest in a
consolidating market.'
Barrie Catchpole, Quilter's Managing Director, commented: 'The
business has grown strongly as part of the CGNU group and this is
an important and timely step in the next stage of our development.'
Donaldson, Lufkin & Jenrette International have been appointed to manage
the sale, which is expected to complete by the end of the year.
The minority stakes in Quilter of 25 per cent and 5 per cent are
held by Credit Commercial de France and the directors and staff of
Quilter respectively.
Enquiries:
Analysts/investors:
Philip Twyman, Executive Director, CGNU plc Tel: +44 (0)20 7662 2888
Media:
Alex Child-Villiers, Financial Dynamics Tel: +44 (0)20 7269 7107
NOTES TO EDITORS
* CGNU plc is the UK's largest insurance group and the world's sixth
largest insurer based on gross worldwide premiums. The group was
created from the merger of CGU and Norwich Union on 30 May 2000.
* CGNU acquired Quilter in November 1988.
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