Quilter shares surge on report  British and Irish wealth adviser could be snapped up

 NatWest is retreating from banking in the Republic and has struck deals with Permanent TSB and AIB over most of Ulster Bank's loan books.

Shares in wealth and pensions adviser Quilter, which in Ireland competes with Davy, Goodbody, and other firms, surged on the first day of trading after a Sunday newspaper reported it could be snapped up.

The London-listed shares at one stage rose as much as 18%. It comes after a report by the Mail on Sunday that NatWest, which owns Ulster Bank, is considering a bid for the wealth manager. Even after this rise, Quilter’s shares are down about 31% this year. 

NatWest along with private equity firms, including CVC, Bain, and BC Partners, have reportedly shown interest in Quilter.

 Quilter declined to comment and NatWest did not respond.  A takeover would be NatWest’s biggest deal since its bailout during the financial crisis more than a decade ago.

 NatWest is retreating from banking in the Republic and has struck deals with Permanent TSB and AIB over most of Ulster Bank's loan books and some of its branches. In Britain, NatWest already owns Coutts & Co., whose clients include Queen Elizabeth.

There has been a scramble by banks to buy wealth managers on both sides of the Irish Sea. Bank of Ireland bought back Davy, which has wealth operations in Dublin, Belfast, Cork, Galway, and London, for €440m, after Ireland's largest broker got itself embroiled in a scandal. Bank of Ireland had previously owned Davy almost 20 years ago. Goodbody was also bought back by AIB for €138m from Kerry-based Fexco, which owned a 51% stake in the broker.