M and A
Old Mutual Completes Sale Of Italian Wealth Management Arm

Old Mutual Wealth Italy was established in 1997.
Old Mutual has
completed the sale of its Italian wealth management arm to
Phlavia Investimenti, previously ERGO Italia, an international
private equity firm.
The completion of the sale marks the final part of the divestment
of Old Mutual Wealth’s continental European business, allowing it
to focus on its core UK and cross-border markets, the firm said
in a statement.
“This represents an important landmark for our business as it
completes Old Mutual Wealth’s exit from continental Europe.
Whilst we are sorry to lose our colleagues from Old Mutual Wealth
Italy, we believe their growth prospects will be enhanced under
the new ownership,” said Paul Feeney, chief executive of Old
Mutual Wealth.
Commenting on the transaction, group CEO of Phlavia Investimenti,
Erik Stattin, said: “We are extremely satisfied to announce this
new milestone on our path to become a consolidator in the Italian
market. We have already sold our non-life insurance company in
order to concentrate on life insurance; the acquisition of Old
Mutual Wealth Italy is another step to strengthen our position
through financial, operational and commercial synergies and
diversify our product portfolio and distribution network,
generating further cross selling opportunities for our
business.”
Old Mutual Wealth Italy was established in 1997. The business
employs 110 staff and manages €7 billion ($7.4 billion) for more
than 53,000 clients.
Rothschild advised
Old Mutual on the divestiture.