Old Mutual Wealth completes acquisition of Quilter Cheviot
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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:

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.