At the weekend Sky News reported Old Mutual, the FTSE-100 financial services group, had been rebuffed in an attempt to acquire Quilter.
Bridgepoint, the private equity firm which controls Quilter Cheviot, released a short statement pouring cold water on the report, which has emerged amid plans for an initial public offering flotation.
It said: "Inevitably when IPO plans are being prepared there is parallel speculation and rumours about alternatives. We never comment on such rumours."
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It declined to comment further to clarify the national media story when asked by Financial Planner Online.
Both Old Mutual and Quilter said this morning they would not be making any official comment on the matter.
Bridgepoint acquired Quilter in 2012.
Quilter, which has company roots established in 1771, has over £15.7 billion in assets and 37,500 clients across the UK, in Dublin and Jersey, according to its website.
Old Mutual, the parent company of Skandia, has funds under management of £293.8bn and employs 56,812 people.