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Old Mutual Wealth Private Client Advisers Adds £250 Million In Assets With New Buy; Italian Business Sold

The recently launched UK financial advice business has made its second acquisition this year. And in another part of the Old Mutual empire, an Italian business has been sold.
In the last 24 hours two very different deals have taken place in the Old Mutual stable of companies.
Yesterday, Old Mutual Wealth Private Client Advisers said it is acquiring West Yorkshire-based financial planning firm Beaumont Robinson, for an undisclosed sum. The deal, which is subject to regulatory approval, brings over 850 clients and around £250 million ($326 million) in assets under advice to the business.
Old Mutual Wealth Private Client Advisers was launched in October last year by Old Mutual Wealth and its UK financial advisor network, Intrinsic. It acquired DQS Financial Management in the South-West of England earlier this year. Beaumont Robinson, which was established in 1971, will retain its staff and management. The firm's managing director, Michael Wall, will become regional director at Old Mutual Wealth Private Client Advisers.
“At Old Mutual Wealth we have made a firm commitment to invest across the entire financial planning industry. Building our own-brand wealth management offering through the Private Client Advisers business is another important example of our commitment to growing the footprint of face to face advice across the UK,” said Old Mutual Wealth chief distribution officer, Richard Freeman.
Italian job
Separately, today, Old Mutual
said it has agreed to sell Old Mutual Wealth Italy to ERGO
Italia, owned by Cinven, the European private equity firm, for a
total of €278 million in cash, plus interest to completion.
The transaction is subject to usual regulatory approvals and
customary conditions and is expected to complete within six
months. The sale is the final part of the divestment
of Old Mutual Wealth’s continental European businesses allowing
it to focus on its core UK and cross border markets.
Old Mutual Wealth Italy is a unit-linked provider in the financial advisor market. Rothschild advised Old Mutual on the divestiture.