Old Mutual Wealth (OMW), a UK-based wealth management firm containing Skandia and Old Mutual Global Investors, has agreed to buy additional 50% stake in Intrinsic Cirilium Investment from Henderson Global Investors for an undisclosed amount.
The move by OMW comes after it recently signed an agreement to purchase 50% stake in Intrinsic. Following the completion of both the deals, OMW will own 100% in Cirilium.
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The successful completion of the deal will also see transfer of £1.5bn of assets and the investment management of the fund range from Henderson to Old Mutual Global Investors, the OMW’s asset management business.
Cirilium, which has five multi-manager portfolios and four passive portfolios, is the main investment proposition for Intrinsic’s restricted financial advisers and 100% ownership by OMW will ensure the Cirilium proposition to be with the Intrinsic restricted adviser’s customer proposition.
With the purchase of Cirilium, OMW aims to provide its customers with easy access to an integrated customer proposition that include advice, asset management, platform and wealth solutions.
OMW CEO Paul Feeney said they believe wealth management solutions need to be more accessible to customers.
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By GlobalData"To achieve that we want to offer an integrated customer proposition that encompasses advice, asset management, platform and products. The acquisition of the remaining 50% of Cirilium is an important milestone in achieving that outcome," Feeney added.
"Cirilium has been designed specifically for the customer proposition offered by Intrinsic’s restricted advisers, is very well run and has delivered great performance. The acquisition will deliver continuity and certainty that Cirilium will remain an integral part of Intrinsic’s customer proposition."
The acquisition and fund transfer, which are subject to Financial Conduct Authority (FCA) approval, are expected to be completed in the fourth quarter of 2014.
