Old Mutual Wealth acquires Intrinsic
Old Mutual Wealth, comprising Skandia and Old Mutual Global Investors, has acquired Intrinsic, the UK’s largest network of restricted and independent financial advisers.
The transaction brings together Intrinsic’s network of 3,000 independent and restricted advisers with Old Mutual Wealth’s investment platform and asset management solutions.
Through this transaction Intrinsic secures the support of Old Mutual Group, a FTSE 100 company with over 160 years of experience in supporting distribution.
Intrinsic’s existing management structures and business model will remain, and Old Mutual Wealth’s platform, protection and investment solutions will be added to the panels for its restricted advice offer.
The acquisition is subject to regulatory approval.
Paul Feeney (pictured), CEO of Old Mutual Wealth, says: “Wealth management is not just for the wealthy. Most people need high quality individual advice to help them secure their financial future, to achieve their goals and look after their families. We believe passionately in this and want to improve access to wealth management services for people right across the UK. With one in ten advisers in the UK being part of Intrinsic we will be ideally positioned to facilitate that. Intrinsic is a high quality business with high quality people and this acquisition is a sign of our commitment to the financial advice industry.”
Richard Freeman, CEO of Intrinsic, says: “Ownership by Old Mutual Wealth will bring a host of benefits to our customers and to our business. It will deliver a first-class proposition with the investment platform, investment solution and advice relationship fully aligned in a way that provides real value for money. In addition, the support of a single, stable shareholder with Old Mutual’s financial strength and global experience in advice and distribution will further strengthen the business and deliver long-term security for our customers.”
- By Category
- News from other sites
- Special Reports
- Partner events