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01/05

Old Mutual Wealth to acquire Henderson’s 50% stake in Cirilium

Old Mutual Wealth, comprising Skandia and Old Mutual Global Investors, has reached agreement with Henderson Global Investors to acquire its 50% shareholding in the Intrinsic Cirilium Investment Company Limited (Cirilium). The agreement was reached following the announcement that Old Mutual Wealth is to acquire Intrinsic and, upon completion of both acquisitions, will result in Old Mutual Wealth owning 100% of Cirilium.

Old Mutual Wealth’s strategy is to provide easy access to an integrated customer proposition that encompasses advice, asset management, platform and wealth solutions.  Full ownership of Cirilium will deliver this via Intrinsic’s restricted advisers.

The Cirilium proposition consists of five multi-manager portfolios and four passive portfolios, each tailored to a different risk / reward investment profile, and is the core investment proposition for Intrinsic’s restricted financial advisers.  100% ownership by Old Mutual Wealth will ensure the Cirilium proposition will remain at the heart of the Intrinsic restricted advisers’ customer proposition. All of the core Cirilium funds with a five year track record are top quartile performers with very strong risk/return profiles.

Henderson currently acts as the investment manager for Cirilium and the funds are managed by Paul Craig within Henderson’s multi asset team. Following completion, the £1.5 billion* of assets and the investment management of the fund range will transfer from Henderson to Old Mutual Global Investors, the asset management business of Old Mutual Wealth.

Paul Craig will move to Old Mutual Global Investors and continue to be the fund manager on the Cirilium range to provide consistency to advisers and their clients. Paul will join Old Mutual Global Investors’ multi-asset team, led by John Ventre.  This team is one of the largest multi-asset teams in the market, currently managing over £5 billion on behalf of customers.  

Danny Knight, director of strategic partnerships, will move from Henderson to Old Mutual Wealth where he will be responsible for sales of the Cirilium fund range as part of the distribution team. Separately, Stewart Cazier, Henderson managing director, distribution, will be joining Old Mutual Wealth in the summer as chief operating officer, distribution.

The acquisition and fund transfer are expected to complete in Q4 2014 and are subject to FCA approval. 

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

“We believe wealth management solutions need to be more accessible to customers. To achieve that we want to offer an integrated customer proposition that encompasses advice, asset management, platform and products.  The acquisition of the remaining 50% of Cirilium is an important milestone in achieving that outcome.

“Cirilium has been designed specifically for the customer proposition offered by Intrinsic’s restricted advisers, is very well run and has delivered great performance.  The acquisition will deliver continuity and certainty that Cirilium will remain an integral part of Intrinsic’s customer proposition.”

Julian Ide, chief executive of Old Mutual Global Investors, comments:

“We are excited about welcoming Paul Craig into our business later this year and adding further expertise and scale to our multi-asset team, which is one of the most experienced multi-asset desks in the market.  All our resources will be available to help Paul further develop and grow the Cirilium fund range and ensure it continues to deliver great customer outcomes.”

Phil Wagstaff, Henderson Global Head of Distribution, said:

"The decision to sell our 50% shareholding is a natural progression following Intrinsic’s acquisition by Old Mutual.  Old Mutual remains a valued and important client and we believe it is in the best interests of all stakeholders, most importantly clients, for Old Mutual to manage the fund range as owner of Intrinsic. We look forward to building upon the strong relationship we have with Old Mutual going forward.”

*as at 25th April 2014

For more information contact

Angela WarburtonHenderson Global Investors07950 551 064Angela.warburton@henderson.com

Notes to Editors:

Old Mutual Wealth

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

It has an adviser and customer offering spanning:

  • Financial advice delivered by the Intrinsic network in the UK and AAM Advisory in Singapore
  • Platform based wealth management and protection products delivered by Old Mutual Wealth in the UK & Italy* and Old Mutual International globally
  • Asset management solutions delivered by Old Mutual Global Investors
  • Discretionary investment management delivered by Quilter Cheviot.

Old Mutual Wealth oversees £119 billion in customer investments (as at 30 September 2016).

Old Mutual Wealth is part of Old Mutual plc a FTSE 100 group that provides life assurance, asset management, banking and general insurance. Old Mutual is trusted by more than 19.4 million customers across the world and has a total of £342.7 billion assets under management (as at 30 June 2016).

*Old Mutual Wealth announced the sale of Old Mutual Wealth Italy to Ergo Italia on 9 August 2016. The transaction is pending completion.

This press release is for journalists only and should not be relied upon by financial advisers or customers. Investments may fall or rise in value and investors may not get back what they put in.