Old Mutual Wealth has completed the acquisition of Intrinsic after receiving regulatory approval from FCA.
The acquisition will see Skandia platform and protection products, as well as a range of Old Mutual Global Investors’ funds, available through Intrinsic’s selected panels.
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As part of the deal, Intrinsic’s CEO Richard Freeman will join Old Mutual Wealth’s executive committee, while Lord Sandy Leitch, non-executive chairman of Intrinsic, will be named to the board of Old Mutual Wealth Management as non-executive director.
Leitch was previously chairman of BUPA, and also served as CEO of Zurich UKISA, chairman of Scottish Widows, deputy chairman of Lloyds Banking Group and chairman of Threadneedle Asset Management.
Meantime, three members of Old Mutual Wealth’s executive committee will join the Intrinsic board as directors.
Members joining the Intrinsic board include Old Mutual Wealth’s global head of distribution Steven Levin, chief operating officer Jeremy Charles and chief risk officer Kevin Lee-Crossett.
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By GlobalDataPaul Feeney, CEO of Old Mutual Wealth, said: "The acquisition of Intrinsic is an important part of our integrated customer proposition that now covers financial advice, actively managed portfolios and wealth management products.
"We believe wealth management needs to be more accessible to customers and having 3,000 financial advisers as part of our business will help us deliver that," he added.
