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Old Mutual Wealth completes acquisition of Quilter Cheviot

25/02/2015

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

Old Mutual Wealth oversees £131.3 billion in customer investments (as at 30 September 2017).

It has an adviser and customer offering spanning: Financial advice; investment platforms; multi-asset and single strategy 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 Old Mutual Wealth’s multi-asset investment solutions business.

Old Mutual Global Investors (‘OMGI’) is the asset management business of Old Mutual Wealth with £39.8bn funds under management (as at 30 September 2017). On the 19th December 2017, Old Mutual Wealth announced that it has agreed to sell its Single Strategy asset management business to the Single Strategy Management team and funds managed by TA Associates. The proposed transaction is subject to customary closing conditions, including regulatory approvals. 

Following managed separation from Old Mutual plc, Old Mutual Wealth will rebrand to Quilter plc. Each of the businesses within the Quilter Plc group will be rebranded over a two-year period, with the exception of Quilter Cheviot, which will retain its existing name.

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 (as at 31 December 2016) customers across the world and has a total of £212.3 billion of assets under management (as at 30 June 2017).

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