To reflect the separate identity of the newly-listed business and its strategy to become one of the UK’s leading integrated wealth management businesses, Old Mutual Wealth will also announce that, upon separation from Old Mutual plc, it will operate as Quilter plc. With origins dating back to 1771, Quilter is a brand that stands for quality, personal service and dependability; values that remain at the heart of Old Mutual Wealth’s business philosophy today.
In addition, the business will state that it is to be re-segmented into two divisions: ‘Advice and Wealth Management’ and ‘Wealth Platforms’. The businesses within these two segments will be re-branded to Quilter over a period of approximately two years following separation from Old Mutual. There will be no immediate changes for customers.
The Advice and Wealth Management segment will include: Intrinsic, which intends to rebrand to Quilter Financial Planning, including Private Client Advisers, which will become Quilter Private Client Advisers; the multi-asset business, which will become Quilter Investors and Quilter Cheviot, which will retain its name.
The Wealth Platforms segment will include the UK Platform, which will become Quilter Wealth Solutions and the International business, which is to become Quilter International. The Heritage life assurance business will become Quilter Life Assurance.
Paul Feeney, Chief Executive Officer, comments:
“We’ve made tremendous progress over the last five years in building this unique and successful business. We are well-positioned to build on what we have achieved in one of the world’s largest and growing wealth management markets.
“Having two distinct but complementary segments will help us to continue to deliver good customer outcomes for new and existing customers. Our recently reported Q3 year-to-date flows demonstrate continued strong demand for our investment solutions and services. However, having individually strong businesses is not enough by itself to drive success. We are focused on ensuring the businesses work together to build better solutions and drive integrated flows.
“We very much look forward to listing in 2018 as Quilter. We believe that we have a compelling investment opportunity as we continue to deliver strong and sustainable returns for shareholders in our own right as a fast-growing, independent and publicly listed company.”
Old Mutual Wealth will also announce:
- The expected timing of delivery and cost estimates of the UK Platform transformation programme, as previously announced, remain unchanged. The operational delivery of the FNZ system remains in the order of £120-160 million and we intend to have the new platform in place by the end of 2018/early 2019, with the migration of the book swiftly thereafter.
- It will be closing the Institutional business within Heritage to new customers as it is not core to the strategy and is very low margin. It is expected that this book of business will run-off over the next couple of years.
- Old Mutual Wealth and Old Mutual continue to assess, together with the management of Old Mutual Global Investors (‘OMGI’), internal and external structures for the single strategy part of that business to continue to develop it further. OMGI management from the single strategy part of the business will not be presenting at today’s conference and the disclosed unaudited consolidated financial information will exclude contributions from the single strategy business.
- No material new financial information or operational targets will be announced.