Wealth management firm Quilter has been sold to private equity firm Bridgepoint.

Previously it was owned by global financial services firm Morgan Stanley. The terms of the deal were not disclosed but it was said to be in partnership with the Quilter management team. Some newspapers have speculated the deal would have been worth as much as £175m.

The sale is due to be completed in the first quarter of 2012.

Martin Baines, chief executive of Quilter, said: “This is an extremely exciting move for us, not least because Bridgepoint is very enthusiastic about our management team and our strategy for the firm. It is a tried and tested team that has been in place for many years in spite of changes of ownership.”

He said the sale would mean the firm would have more flexibility in how it operated as an independent entity.

“This is a vital attribute in a fast changing market when the opportunities to meet the evolving needs of our clients and intermediaries call for greater agility and entrepreneurial thinking.”

Michael Black, partner at Bridgepoint, said: “Quilter is a long-established and highly regarded UK private client wealth management business operating in a large but fragmented market favoured by underlying structural growth drivers. As such, we believe there is every opportunity for Quilter to accelerate its growth organically as well as make complementary acquisitions for the business.”

Quilter has £7.6bn funds under management and 360 staff in 13 offices around the UK.