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


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Wallace Dobbin, who announced his retirement from full-time employment recently and has been replaced by Gill Davidson as Chief Risk Officer, has accepted an invitation to become a Non Executive Director of Intrinsic Board in May 2017, subject to regulatory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

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


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