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Old Mutual Wealth boosts presence in Asia by acquiring leading adviser business

02/02/2016

Old Mutual Wealth today announces it has signed an agreement to acquire the leading expatriate adviser business in Singapore, AAM Advisory. This strengthens Old Mutual Wealth’s commitment to the Asian region and to the financial advice market.

Old Mutual Wealth is the leading wealth manager in the UK, where it serves the wider adviser community and owns the largest advice network, Intrinsic. The acquisition of AAM Advisory shows Old Mutual Wealth continuing its distribution strategy of developing a multi-channel advice business. It has long been a supporter of all forms of financial advice and a key ambition of the business is to strengthen the footprint of advice.

AAM Advisory is the largest expatriate advisory firm in Singapore with over 30 advisers. AAM Advisory works with a number of product providers in the region to ensure customers have access to the most appropriate solutions in the market, and this will continue.

AAM Advisory will continue to operate separately from Old Mutual Wealth’s existing businesses in the region, Old Mutual International and Old Mutual Global Investors. Old Mutual International and Old Mutual Global Investors will continue to distribute products and solutions via AAM Advisory but will remain focused on the wider financial advice market in the region.

The acquisition is expected to complete within the next couple of months.

Paul Feeney, CEO, Old Mutual Wealth:Paul Feeney

“We are strong supporters of financial advice, and this acquisition shows us building on our distribution strategy. AAM Advisory represents a unique and exciting opportunity for Old Mutual Wealth to acquire the leading expatriate adviser business in Singapore. We have been working with AAM Advisory for a number of years now, and their strong customer focus fits well with the culture of Old Mutual Wealth.”

Matthew Dabbs, CEO, AAM Advisory:

“We were looking for a partner to help us grow and we are pleased Old Mutual Wealth is acquiring the business. We recognise the value which Old Mutual’s financial strength can provide as well as its 170 years’ experience in supporting advice and distribution. Together we will continue to build a strong advisory business focused on providing positive solutions for our clients.”

Steve Hickman, head of region & CEO in Singapore & SE Asia, Old Mutual International:

“The acquisition will create stronger ties for us with the Singapore financial advisory market and we are more committed than ever to the advice sector. The business is experienced in managing multi-channel advice without conflict. Old Mutual International will remain focused on the wider financial adviser market in the region and will continue to offer the best levels of support to all advisers.”

Old Mutual Wealth has a strong presence in Asia, with Hong Kong and Singapore considered core growth markets for the business.

  • Old Mutual International has an established office in both Hong Kong (since 1991) and Singapore (since 2008) and is a market leader in its respective segments.
  • Old Mutual Global Investors has significant experience in the Asian market having been present in the region (Hong Kong) for over 12 years.

 

For more information contact:

Sophie Heywood (Lenton)   
Corporate Communications Manager | Old Mutual Wealth

M: +44 (0)7834 499 558

T: +44 (0)23 8091 6770 | Ext: 21770
E: sophie.heywood@omwealth.com | W: www.oldmutualwealth.co.uk

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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