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

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.

Quilter has GBP7.6 billion ($11.8 billion) under management, handling the funds on behalf of private clients, financial intermediaries, charities and trusts.

Midmarket buyout firm Bridgepoint counts financial services among one of its key sectors. Earlier investments include wealth management services firm Tilney which it sold to Germany's Deutsche Bank AG.

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