City of London veteran Michael Kerr-Dineen is set to sell Cheviot Partners, his wealth management firm, to private equity firm Bridgepoint Capital within a fortnight.

Through the deal, Cheviot, which looks after £4bn, will merge with Quilter & Co, which runs £8bn. Sources close to the deal said Cheviot is likely to change hands for more than £90m. Quilter chief executive Martin Baines will run the combined company. Kerr-Dineen will become a Bridgepoint adviser and join Quilter's holding company.