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Old Mutual Wealth Buys Second Firm In Two Months

Robbie Lawther Reporter London 11 May 2017

Old Mutual Wealth Buys Second Firm In Two Months

Old Mutual Wealth continues to build out its operations with another acquisition.

Old Mutual Wealth has acquired Maestro Financial Services, a month after purchasing Infiniti Financial Planning, as the firm looks to continue to increase its financial planning operation.

Maestro, based in Cheadle, Greater Manchester, will become part of Old Mutual Wealth Private Client Advisers and will operate within the firm’s Chester region, Old Mutual Wealth said in a statement yesterday.

The acquisition will add more than £120 million ($155 million) in assets under management to Old Mutual Wealth’s advisor business. The financial terms of the deal were not disclosed.

Owner and managing director of Maestro, Niel Lingwood, will join Old Mutual Wealth Private Client Advisers, alongside additional support staff. Maestro was set up by Lingwood in 1984.

“In 2015, we launched Old Mutual Wealth Private Client Advisers with the aim of helping a growing number of UK households realise the benefits of professional financial planning,” said Nigel Speirs, managing director at Old Mutual Wealth Private Client Advisers. “I’m delighted that we can now add to our Chester office by welcoming Niel and his colleagues into the business.”

In April 2017, WealthBriefing reported that Old Mutual Wealth acquired Shropshire-based Infiniti Financial Planning for an undisclosed sum.

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