Morgan Stanley, the US investment bank, has put its UK investment management business, Quilter, on the market with an asking price of £210m.

The sale process is already thought to be underway, with first round bids reportedly due in last Friday (6th October). Sources believe that over twelve companies have submitted offers, including investment banks Citigroup, Deutsche Bank, Credit Suisse and Royal Bank of Canada as well as investment management specialists Rathbones and Rensburg Sheppards, but not including Barclays Bank. 

Morgan Stanley bought Quilter for £172m in 2000 from insurance group CGU, its first venture into the UK market. The bank had hoped Quilter's clients would provide cross-selling opportunities for its products, but these were never realised and the unit has instead remained a separate operation. 

Morgan Stanley has now decided that Quilter is no longer a core business, and will focus its operations outside the US on higher net worth wealth management. 

Some analysts believe that the bank may struggle to achieve its target of £210m for Quilter, and have suggested that £180m may be a more realistic figure.