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Old Mutual Wealth Private Client Advisers to acquire Beaumont Robinson

08/08/2016

Old Mutual Wealth Private Client Advisers, the financial planning business leveraging Old Mutual Wealth’s expertise in advice, investments and platform solutions, is today pleased to announce the acquisition of West Yorkshire based financial planning firm, Beaumont Robinson. 

The acquisition brings over 850 clients and around £250m in assets under advice into the Private Client Advisers business.

The announcement follows the 2015 launch of Old Mutual Wealth Private Client Advisers with the opening of a new Chester office, and the subsequent acquisition of DQS in the South-West of England earlier this year.

Beaumont Robinson was established in 1971 and has successfully grown to service clients across the West Yorkshire region, while delivering strong business performance.

Staff and management will remain with the business and support its transition into Old Mutual Wealth Private Client Advisers, which will see it adopt the centralised investment proposition and align its advice processes.

Beaumont Robinson managing director Michael Wall will take on the role of regional director for Old Mutual Wealth Private Client Advisers. 

The acquisition is subject to regulatory approval.

Old Mutual Wealth Private Client Advisers’ managing director, Nigel Speirs, says:

“We are really excited to welcome Beaumont Robinson, its staff and clients into the Old Mutual Wealth Private Client Advisers business. I am really looking forward to working with regional director Michael Wall and the rest of the team as we embark on an exciting journey together at Old Mutual Wealth Private Client Advisers.

“This is another important milestone as we aim to grow a wealth management business designed to deliver great customer outcomes by combining Old Mutual Wealth’s stable of investment, platform and advice solutions.”

Richard FreemanOld Mutual Wealth chief distribution officer, Richard Freeman, says:

“At Old Mutual Wealth we have made a firm commitment to invest across the entire financial planning industry. Building our own-brand wealth management offering through the Private Client Adviser business is another important example of our commitment to growing the footprint of face to face advice across the UK.”

Beaumont Robinson chairman, David Cubitt, says:

Joining Old Mutual Wealth Private Client Advisers is an exciting step for this business and will allow us to grow and develop with the support of a national advice offering. 

“It was crucial for us to find a partner that could ensure our clients would continue to receive the highest quality wealth management and financial planning service available and we’re delighted to have found that with Old Mutual Wealth.”

 

 

For more information contact

Tim Skelton-SmithOld Mutual Wealth02380 916 99807824 145 076tim.skelton-smith@omwealth.com
Michael GlenisterOld Mutual Wealth020 7778 963807469 144535michael.glenister@omwealth.com

Notes to editors:

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

On a ‘go forward basis’, Quilter oversees £ 111.6 billion in customer investments (as at 31 March 2018).

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.

The Quilter businesses will be re-branded to Quilter over a period of approximately two years following separation from Old Mutual:

  • Intrinsic to Quilter Financial Planning
  • Private Client Advisers to Quilter Private Client Advisers
  • The Multi-Asset business to Quilter Investors
  • The UK Platform to Quilter Wealth Solutions
  • The International business to become Quilter International
  • The Heritage life assurance business to Quilter Life Assurance
  • Quilter Cheviot will retain its name.

On 19 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. 

Quilter is part of Old Mutual plc, a FTSE 100 group that provides investment, savings, insurance and banking. For the year ended 31 December 2017, Old Mutual reported an adjusted operating profit before tax of £2.0 billion. For further information on Old Mutual plc and the underlying businesses, please visit the corporate website at www.oldmutualplc.com.

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