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Old Mutual Wealth Completes Acquisition Of Cirilium From Henderson

Stephen Little Reporter London 2 May 2014

Old Mutual Wealth Completes Acquisition Of Cirilium From Henderson

Old Mutual Wealth, comprising Skandia and Old Mutual Global Investors, has completed the acquisition of a 50 per cent stake in multi-asset business Cirilium from Henderson Global Investors.

Old Mutual Wealth, comprising Skandia and Old Mutual Global Investors, has completed the acquisition of a 50 per cent stake in multi-asset business Cirilium from Henderson Global Investors.

The deal means Old Mutual will now own 100 per cent of the company. It follows Old Mutual Wealth's acquisition of Intrinsic in March when it acquired an initial 50 per cent stake in Cirilium. For more on this story, click here.

The Cirilium range consists of five multi-manager portfolios and four passive portfolios with assets under management of £1.5 billion.

The group said that Paul Craig will continue to be fund manager on the Cirilium range and will join Old Mutual Global Investors’ multi-asset team, led by John Ventre.

"The decision to sell our 50 per cent shareholding is a natural progression following Intrinsic’s acquisition by Old Mutual. Old Mutual remains a valued and important client and we believe it is in the best interests of all stakeholders, most importantly clients, for Old Mutual to manage the fund range as owner of Intrinsic. We look forward to building upon the strong relationship we have with Old Mutual going forward,” said Phil Wagstaff, Henderson's global head of distribution.

The deal is expected to be completed in the fourth quarter and is subject to regulatory approval.

In a separate move, Henderson managing director of distribution, Stewart Cazier, will join Old Mutual Wealth in the summer as chief operating officer of distribution.

Meanwhile, Danny Knight, director of strategic partnerships, will also move from Henderson to Old Mutual Wealth, where he will be responsible for sales of the Cirilium fund range as part of the distribution team.

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