Old Mutual Wealth has completed its buy of UK's Quilter Cheviot for £585 million ($940 million).

The UK's Old Mutual Wealth has completed its acquisition of discretionary investment manager Quilter Cheviot.

Old Mutual Wealth announced plans to buy UK-based Quilter Cheviot for £585 million ($940 million) from Bridgepoint, a private equity firm, last October. 

The transaction aims to ease Old Mutual Wealth's shift from a predominantly platform business to an integrated wealth management service for an affluent and high net worth clientèle. 

Quilter Cheviot's discretionary investment management process, which will remain unchanged, will accompany Old Mutual Wealth's suite of solutions, including WealthSelect, Cirilium and Spectrum.

The company's chief executive Martin Baines will sit on the Old Mutual Wealth executive committee and report to Old Mutual Wealth's chief executive, Paul Feeney.

“Most customers aren't looking for platforms or for funds. They're looking for solutions. At Old Mutual Wealth we believe that means advice from a trusted advisor, investment solutions that match that advice and investment performance you can rely on from a world class asset manager,” said Feeney.

“The acquisition of Quilter Cheviot is an important step in delivering a complete set of solutions to meet the wide ranging needs of advisors and clients.”