Old Mutual Wealth Private Client Advisers, the restricted appointed representative of Intrinsic, has agreed to buy UK-based DQS Financial Management for an undisclosed amount.
DQS offers financial planning to clients from its base in Newton Abbot. The firm acquired Castellan Financial Management in 2006.
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The deal, subject to regulatory approval, will add £200m in assets under advice and 650 clients to Old Mutual’s portfolio.
Following the completion of acquisition, DQS will operate under the Old Mutual Wealth Private Client Advisers brand.
DQS employees, which include five advisers, will also join Old Mutual. Directors Chris Dyson, Rob Quaintance and Carrie Payne, who founded the business in 2001, will all stay with the business.
Old Mutual Wealth chief distribution officer Richard Freeman said: "At Old Mutual Wealth we are absolutely committed to investing in the future of face-to-face financial planning, and bringing well-controlled, high quality financial planning to more customers. We will continue to invest in our proposition supporting the wider adviser market as well as our distribution capabilities through Intrinsic."
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By GlobalDataDQS managing director Chris Dyson added: "Aligning with a business focused on delivering good customer outcomes through advice and ongoing service with an excellent pedigree in investment management has been very important to us and will enable us to continue to deliver a first-class proposition to our clients."
