Old Mutual Wealth acquires Intrinsic
The acquisition is an important step in the company’s strategy of creating the UK’s leading retail investment business, improving access to wealth management services for customers across the UK.
The transaction brings together Intrinsic’s network of 3,000 independent and restricted advisers with Old Mutual Wealth’s leading investment platform and asset management solutions.
Paul Feeney, CEO of Old Mutual Wealth, said: “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, added: “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.”
The acquisition is subject to regulatory approval.