A Chartered Financial Planning firm has sold its DFM arm.

The much rumoured takeover of Quilter Cheviot by Old Mutual Wealth, which had been played down over the last month by the two companies will indeed go ahead, it was confirmed this morning.

Both companies at the centre of a reported £650m takeover bid this morning have refused to comment on the speculation.

Reports in the national media of a £600m takeover offer from Old Mutual for wealth management firm Quilter Cheviot have been described as "rumours" by the private equity firm, which controls it.