Bridgepoint is in exclusive talks to buy Morgan Stanley's wealth management unit, Quilter, a person familiar with the situation told Dow Jones Newswires yesterday.

The deal, which will be signed later this week, marks the second time Morgan Stanley has sold the business. It initially sold the unit to Citigroup in 2006 before becoming owner again when it bought a majority stake in Smith Barney from Citigroup in 2009.

Bridgepoint in exclusive talks for Morgan Stanley unit

The deal marks the second time Morgan Stanley has sold wealth management unit Quilter

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