Quilter, the wealth manager, has announced it has put its Isle-of-Man-based international business under strategic review, in a statement that sent shockwaves around the industry.
In a statement Quilter said: "In the context of Quilter's long-term strategy and ambition, the board has initiated a strategic review of Quilter International to evaluate its role in delivering Quilter's future growth plans."
"The review is at an early stage and as such the outcome is not yet known. Options range from a decision to retain Quilter International through to a disposal of the business."
The statement continued: "The board of Quilter has not yet decided on any particular option and as such there can be no certainty that any potential transaction will be concluded."
The division, which was rebranded earlier this year from Old Mutual International, will be issuing a further market update "when appropriate," Quilter said.