Old Mutual Wealth has completed the acquisition of Intrinsic Financial Services, the UK’s largest adviser network with over 3,000 restricted and independent advisers.
The deal will also see Intrinsic keep its brand and management team.
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Moreover, Old Mutual will proceed with an initial public offering (IPO) of their minority interest in its US Asset Management (USAM) business in 2014 if market conditions suit the sale.
Both moves were announced with the company’s 2013 results which saw Old Mutual Wealth’s profit increase 11%, to £217 million, compared to the previous year. Funds under management (FuM) also increased to £78.5 billion, a 13% jump from 2012.
Julian Roberts, group chief executive, said: "I am excited about the prospects of Old Mutual Wealth which, with the acquisition of Intrinsic and our strengthened asset management capability, now has the foundations to become the leading retail investment business in the UK."
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