Standard Life (SL.L) is in exclusive talks to buy Newton Investment Management's wealth management arm for up to 90 million pounds($140 million) in a deal that could be announced imminently, the Telegraph reported on Wednesday.
The British life insurer's bid for Newton's 3.5 billion-pound wealth portfolio is being led by Richard Charnock, head of its Standard Life Wealth, the Telegraph reported.
The daily said the other bidders were Quilter, owned by private equity firm Bridgepoint, and private bank Rathbones.
Standard Life has entered exclusivity following several rounds of bidding.
Helena Morrisey, chief executive of Newton Investment Management is also involved in the discussions.
(Reporting by Karen Rebelo in Bangalore; Editing by David Gregorio)