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Intrinsic announces agreement to acquire Caerus

28/02/2017

Intrinsic Financial Services (‘Intrinsic’), part of Old Mutual Wealth, announces it has reached a conditional agreement to acquire the financial adviser network, Caerus.

With offices in Swindon and Manchester, Caerus has over 300 advisers who are responsible for more than £4 billion of client assets. It will complement Intrinsic, which currently has 3300 advisers.

The acquisition is conditional upon agreement from Caerus shareholders and regulatory approval. It is expected to complete in Q2 2017. The Caerus board have unanimously opted to accept the offer with regards to their own holdings and have recommended the offer to other shareholders.

The acquisition demonstrates Old Mutual Wealth’s commitment to become the UK’s leading wealth manager and complements its existing controlled distribution footprint in the UK. This includes Intrinsic and Old Mutual Wealth Private Client Advisers, the branded national adviser firm established in 2015.

A further update will be provided at Old Mutual Plc’s preliminary results 2016.

Andy Thompson, CEO of Intrinsic, comments: “This is an exciting opportunity for Intrinsic and Old Mutual Wealth to grow its distribution capability. We believe Caerus is a good fit for Intrinsic in terms of the business culture and the profile of its advisers and clients. Along with all my colleagues at Intrinsic, I’m excited to have the opportunity to work with Caerus staff and advisers, subject to the offer receiving shareholder and regulatory approval.”

Keith Carby, CEO and Chairman of Caerus adds: “Almost 90% of shares are held by people who work in the business. Their acceptance of the offer clearly demonstrates that it is in their best long-term interests, and the long-term interests of the business.”

“The transaction provides both a very good return on investment, as well as enhancing prospects for the future for all concerned, with Old Mutual Wealth undoubtedly becoming a leading force in UK personal financial services.”

 

For more information contact

Michael GlenisterOld Mutual Wealth020 7778 963807469 144535michael.glenister@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; Quilter Private Client Advisers; discretionary fund management business, Quilter Cheviot; and Quilter Investors, 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

• The private client advisers business is now 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.