M and A
Old Mutual Wealth Completes Intrinsic Acquisition; Adds To Executive Committee

Old Mutual Wealth, comprised of Skandia and Old Mutual Global Investors, has won regulatory clearance to acquire Intrinsic after a deal had been initially announced earlier this year.
Old Mutual
Wealth, comprised of Skandia and Old Mutual Global Investors,
has won regulatory clearance to acquire Intrinsic after a deal
had been initially announced earlier this year.
At the same time, the firms announced that Richard Freeman, chief
executive of UK financial advisor network Intrinsic, will join
the Old Mutual Wealth executive committee. The second committee
addition is Lord Sandy Leitch, non-executive chairman of
Intrinsic, who will join as non-executive director.
The acquisition, the purchase price of which wasn’t disclosed, is
part of a continuing round of M&A activity to have affected
wealth management in the UK as new regulations and other
pressures have driven firms to seek economies of scale.
“We believe wealth management needs to be more accessible to
customers and having 3,000 financial advisors as part of our
business will help us deliver that,” Paul Feeney, chief executive
of Old Mutual Wealth said.
Old Mutual Wealth is part of Old Mutual, a London-listed firm
which oversees £80.2 billion ($137.4 billion) in customer
investments.
Describing the committee appointees, Old Mutual Wealth said that
Lord Leitch has a range of global experience, including chairman
of Scottish Widows, deputy chairman of Lloyds Banking Group. He
was awarded a life peerage in 2004.
At the same time, three members of Old Mutual Wealth’s executive
committee have been appointed to the Intrinsic board as
directors. The team include Jeremy Charles, chief operating
officer; Steven Levin, global head of distribution and Kevin
Lee-Crossett, chief risk officer.
As announced earlier, Intrinsic’s business model will remain and
will continue to support both independent and restricted
advisors; Intrinsic will remain distinct within Old Mutual
Wealth, with its own existing brand and management team. The
existing Intrinsic teams will continue to run the business on a
day-to-day basis, the statement said. Skandia’s protection
products will be added to Intrinsic’s panel for its mortgage and
protection advisors.
Intrinsic’s Cirilium asset management solution will continue to
be part of its investment proposition. Cirilium is managed by
Henderson, which is a strategic partner of Old Mutual Wealth.