Old Mutual Wealth completes acquisition of Intrinsic - Lord Leitch appointed to board
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01/07/2014

Old Mutual Wealth, comprising Skandia and Old Mutual Global Investors, has received regulatory approval for its acquisition of Intrinsic and the transaction officially completed on 1 July 2014. The acquisition is a significant milestone in Old Mutual Wealth’s strategy of building an integrated customer proposition comprising financial advice, asset management and wealth management products. 

The Skandia platform and protection products, as well as a range of Old Mutual Global Investors' funds will soon be available via Intrinsic’s selected panels.

Richard Freeman, chief executive of Intrinsic, joins the Old Mutual Wealth Executive Committee with immediate effect and Lord Sandy Leitch, non-executive chairman of Intrinsic, will be appointed to the board of Old Mutual Wealth Management Ltd as non-executive director.

Lord Sandy Leitch has extensive experience spanning life assurance, general insurance, banking, asset management and venture capital across Europe, Asia Pacific, Africa and the USA.

He is Chairman of BUPA, and has been CEO of Zurich UKISA, Chairman of Scottish Widows, Deputy Chairman of Lloyds Banking Group plc and Chairman of Threadneedle Asset Management. He was also chair of the Association of British Insurers.

In 2004, Lord Sandy Leitch was awarded a Life Peerage. He has become an important and recognised figure on skills, and in 2006 authored “The Leitch Review of Skills in the UK” – an independent review advising the UK Government on how to define the UK’s optimum skills mix in order to maximise economic growth and productivity.

At the same time, three members of Old Mutual Wealth’s Executive Committee have been appointed to the Intrinsic board as directors:

  1. Jeremy Charles, chief operating officer
  2. Steven Levin, global head of distribution
  3. Kevin Lee-Crossett, chief risk officer

Lord Sandy Leitch’s appointment will be subject to regulatory approval.

Paul Feeney, chief executive of Old Mutual Wealth, comments:Paul Feeney

“The acquisition of Intrinsic is an important part of our integrated customer proposition that now covers financial advice, actively managed portfolios and wealth management products.  We believe wealth management needs to be more accessible to customers and having 3,000 financial advisers as part of our business will help us deliver that.

“I am delighted to welcome Richard Freeman to our Executive Committee and excited that Lord Sandy Leitch will join the Old Mutual Wealth Management Ltd board.  Sandy and Richard are highly respected business leaders who will add valuable insights and expertise to our Executive Committee and Board of Directors.”

For more information contact

Amelie ShepherdOld Mutual Wealth02380 916 09107834 499 596amelie.shepherd@omwealth.com

Notes to editors:

About Quilter plc:

Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

Quilter plc oversees £116.5 billion in customer investments (as at 30 June 2018).

It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions and discretionary fund management.

The business is comprised of two segments: Wealth Platforms and Advice and Wealth Management.

Wealth Platforms includes the Old Mutual Wealth UK Platform; Old Mutual International, including AAM Advisory in Singapore; and the Old Mutual Wealth Heritage life assurance business.

Advice and Wealth Management encompasses the financial planning network, Intrinsic; Old Mutual Wealth Private Client Advisers; discretionary fund management business, Quilter Cheviot; and the Multi-asset investment solutions business.

The Quilter plc businesses are being re-branded to Quilter over a period of approximately two years:

• The Multi-asset business is now Quilter Investors

• Intrinsic to Quilter Financial Planning

• Private Client Advisers to Quilter Private Client Advisers

• The UK Platform to Quilter Wealth Solutions

• The International business to Quilter International

• The Heritage life assurance business to Quilter Life Assurance

• Quilter Cheviot will retain its name

This press release is for journalists only and should not be relied upon by financial advisers or customers.

Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.

This communication is issued by Quilter plc.  Registered office: Millennium Bridge House, 2 Lambeth Hill, London EC4V 4AJ, United Kingdom. Registered number: 6404270.  Registered in England.