Old Mutual Wealth (OMW) is reportedly in talks to acquire adviser network Intrinsic.
The proposed deal will be led by Simon Davies, a non-executive director at Old Mutual and former Intrinsic director, according to Money Marketing.
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However, OMW has denied to confirm the acquisition talks and added that it is in talks with a number of other advisory firms.
Peter Mann, vice-chairman of Old Mutual Wealth, said that Skandia had suspended plans in October last year to acquire minority stakes in adviser firms such as Caerus Capital Grou, but was open to buying a large adviser or building a distribution arm from scratch.
A spokesman for Old Mutual Wealth said: "We have been in discussions with a number of financial advice firm’s post-RDR about their strategy and future plans. No agreement has been concluded with any firm and we will not comment on the nature of those discussions or who they are with until such time."
An Intrinsic spokesman said: "As one of the major financial adviser business in the UK Intrinsic holds regular discussions with a wide range of potential partners. We do not comment on the nature of those discussions."
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By GlobalDataIntrinsic’s acquisition of Positive Solutions, which consists of 850 advisers, from Aegon in June, has increased its total adviser headcount to around 3,000.
