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Old Mutual Wealth announces changes to the Old Mutual Wealth and Intrinsic Boards

13/01/2017

Old Mutual Wealth announces that Lord Leitch (‘Sandy’, pictured below),  has decided to step down from his positions as Non-Executive Director of the Old Mutual Wealth Board and also as Chairman of the Intrinsic Financial Services (‘Intrinsic’) Board at the end of March 2017.   Sandy will remain as an adviser to the Intrinsic Board until June 2017.

Lord Leitch

Gregor Stewart, who has been an independent Non-Executive Director of Intrinsic since September 2015, will become Chairman of the Intrinsic Board on 1 April 2017, subject to regulatory approval.

Wallace Dobbin, who announced his retirement from full-time employment recently and has been replaced by Gill Davidson as Chief Risk Officer, has accepted an invitation to become a Non Executive Director of Intrinsic Board in May 2017, subject to regulatory approval.

Andy Thompson, CEO of Intrinsic comments: “Sandy’s contribution to Intrinsic, as well as Old Mutual Wealth, has been immense. As a founding shareholder, Director and Chairman of Intrinsic, he has been pivotal to the success of our business through its start-up phase and was instrumental in the acquisition of the business by Old Mutual Wealth in July 2014.  

“I would also like to congratulate Gregor and Wallace on their appointments. Gregor is an excellent choice to replace Sandy as our Chairman. As an independent Non-Executive Director, he has provided excellent guidance and support to our business over the last 15 months. Wallace was one of the founders of Intrinsic and his continued presence on the Intrinsic Board will help provide continuity as we move into the next phase of our journey.”

Gregor Stewart comments: “I am incredibly honoured and excited to succeed Sandy as Chairman of Intrinsic. The company’s journey, under his leadership, has been hugely impressive and I am convinced that our team, our advisers and our business can look forward to continued success in the future.”

Glyn Jones, Independent Non-Executive Chairman of the Old Mutual Wealth Board, adds: “I would like to thank Sandy for the valuable guidance and wise leadership he has provided to Intrinsic, the Old Mutual Wealth Directors, Paul and his management team since he joined the Board in 2014. During this period the Old Mutual Wealth has developed into a strong, multi-channel wealth management business. I am personally grateful to Sandy for the support he has given me since I joined the Board in November.”

Lord Leitch concludes: “Creating and building Intrinsic from a standing start 11 years ago has been one of the proudest achievements of my life. Consequently, deciding to step down as Chairman has been an enormously difficult personal decision. However, I depart with real confidence that Intrinsic, and Old Mutual Wealth, will continue to flourish as they both have vast potential and strong leaders.”

For more information contact:

 

Tim Skelton-Smith
02380 916 998
07824 145 076
tim.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; 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.