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:
“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.