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25/02

Old Mutual Wealth completes acquisition of Quilter Cheviot

Old Mutual Wealth has received regulatory approval for its acquisition of Quilter Cheviot and the transaction officially completed on 25 February 2015. Quilter Cheviot is one of the largest discretionary investment managers in the UK with £16.7bn funds under management and 500 employees, including 165 investment managers (as at 31 December 2014).

 The acquisition is a significant milestone in Old Mutual Wealth’s transition from primarily a platform business to an integrated wealth management business that delivers increased value to advisers and customers.

In July last year, Old Mutual Wealth expanded its offering to include financial advice through the acquisition of Intrinsic. The platform remains core to its business as it gives financial advisers access to a range of investment management solutions managed by the best asset managers in the market via Old Mutual Global Investors and external fund managers.
The acquisition of Quilter Cheviot significantly enhances this range of investment management solutions. The Quilter Cheviot discretionary investment management service will sit alongside Old Mutual Wealth’s existing packaged investment solutions such as WealthSelect, Cirilium and Spectrum. This will enable Old Mutual Wealth to meet the needs of the growing number of affluent and high net worth investors.
Following the completion of the acquisition:
Quilter Cheviot’s clients will have improved access to OMGI’s award winning asset management capability.
Quilter Cheviot’s clients will benefit from improved buying power of the combined group.
Quilter Cheviot’s discretionary investment management process will remain unchanged.
Martin Baines, chief executive of Quilter Cheviot, will join the Old Mutual Wealth Executive Committee, reporting to Paul Feeney, chief executive of Old Mutual Wealth.
Paul Feeney, chief executive of Old Mutual Wealth, comments:
“Most customers aren't looking for platforms or for funds. They're looking for solutions. At Old Mutual Wealth we believe that means advice from a trusted adviser, investment solutions that match that advice and investment performance you can rely on from a world class asset manager. The acquisition of Quilter Cheviot is an important step in delivering a complete set of solutions to meet the wide ranging needs of advisers and clients. We are very proud that they are now, formally, part of Old Mutual Wealth.”

The acquisition is a significant milestone in Old Mutual Wealth’s transition from primarily a platform business to an integrated wealth management business that delivers increased value to advisers and customers.

In July last year, Old Mutual Wealth expanded its offering to include financial advice through the acquisition of Intrinsic. The platform remains core to its business as it gives financial advisers access to a range of investment management solutions managed by the best asset managers in the market via Old Mutual Global Investors and external fund managers.

The acquisition of Quilter Cheviot significantly enhances this range of investment management solutions. The Quilter Cheviot discretionary investment management service will sit alongside Old Mutual Wealth’s existing packaged investment solutions such as WealthSelect, Cirilium and Spectrum. This will enable Old Mutual Wealth to meet the needs of the growing number of affluent and high net worth investors.

Following the completion of the acquisition:

Quilter Cheviot’s clients will have improved access to OMGI’s award winning asset management capability.
Quilter Cheviot’s clients will benefit from improved buying power of the combined group.
Quilter Cheviot’s discretionary investment management process will remain unchanged.
Martin Baines, chief executive of Quilter Cheviot, will join the Old Mutual Wealth Executive Committee, reporting to Paul Feeney, chief executive of Old Mutual Wealth.

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

“Most customers aren't looking for platforms or for funds. They're looking for solutions. At Old Mutual Wealth we believe that means advice from a trusted adviser, investment solutions that match that advice and investment performance you can rely on from a world class asset manager. The acquisition of Quilter Cheviot is an important step in delivering a complete set of solutions to meet the wide ranging needs of advisers and clients. We are very proud that they are now, formally, part of Old Mutual Wealth.”   

For more information contact

Tim Skelton-SmithOld Mutual Wealth02380 916 99807824 145 076tim.skelton-smith@omwealth.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.