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Old Mutual Wealth Private Client Advisers to acquire Premier

15/03/2017

Old Mutual Wealth Private Client Advisers today announces it will establish a new Birmingham office with the acquisition of Premier Planning and Premier Wealth (Premier). 

The acquisition will add more than £170m in assets under advice to the Old Mutual Wealth-branded financial planning business, which launched in 2015.

Founded over 30 years ago, Premier has established a strong local presence in the West Midlands. Premier Planning owner and managing director, Richard Usmar, will remain with the business in a consultancy role. He will be assisting with the smooth transition of the business.

Premier Wealth managing director Mark Grainger will join Old Mutual Wealth Private Client Advisers to ensure continuity of service. 

The terms of the acquisition mean that Old Mutual Wealth Private Client Advisers will take on all liabilities for past advice, giving the wider financial planning industry re-assurance that the acquired firms do not leave any liability which could in future fall on industry-funded compensation schemes.   

When the firm was launched in 2015, Old Mutual Wealth and Intrinsic also announced the acquisition and re-launch of the Financial Adviser School (FAS). From the first cohort of students, three graduates will soon join Old Mutual Wealth Private Client Advisers in different offices around the country having obtained their level 4 Diploma in Financial Planning.

FAS students come from across the industry, with both Old Mutual Wealth Private Client Advisers, Intrinsic advisers, and non-affiliated firms supporting trainee advisers through the process. 

Nigel Speirs, managing director, OMW Private Client Advisers, says:

“This is another important milestone for Old Mutual Wealth Private Client Advisers. We now have five regional offices, allowing us to deliver quality face to face financial planning to a growing number of clients across the country.”

Richard Usmar, Premier Planning managing director, says:

“Growing this business and servicing our clients over more than 30 years has been a real joy. I am particularly pleased that I can pass my business over to a well-resourced client focused business. I look forward to working with the team for many years to come, knowing that on a day to day basis my clients are in safe hands with Mark Grainger and his colleagues at Old Mutual Wealth Private Client Advisers.”

 

For more information contact

Michael GlenisterOld Mutual Wealth020 7778 963807469 144535michael.glenister@omwealth.com

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 www.oldmutualplc.com.

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