Standard Life is reportedly engaged in discussions with Newton Investment Management to acquire its wealth management unit in a potential deal expected to be finalized around £90m.

The deal is expected to be announced soon, although no finalized details were disclosed.

Under the supervision of its wealth division head Richard Charnock, Standard Life is gearing up for the deal, after several rounds of bidding.

The Edinburgh-based life assurer was vying with other potential purchaser including Quilter, owned by private equity firm Bridgepoint, and private lender Rathbones.

Newton Investment Management chief executive Helena Morrisey is also believed to be engaged in the discussions.

Founded in 1825, Standard Life is a provider of long term savings and investments to around 6 million customers worldwide. Headquartered in Edinburgh, Standard Life has around 9,000 employees internationally.

The group includes savings and investments businesses; corporate pensions and benefits businesses; Standard Life Investments; and its Chinese and Indian Joint Venture businesses.