Old Mutual Wealth has closed the acquisition of a 100% stake in AAM Advisory, a Singapore-based expat-focused financial advisory firm.
Following the acquisition, AAM Advisory will continue to operate independently from Old Mutual Wealth’s existing businesses in the region, Old Mutual International and Old Mutual Global Investors.
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Old Mutual Wealth said the deal underscores its long-term commitment to the Singapore region and the financial advice market.
Financial terms of the transaction have not been disclosed.
Old Mutual Wealth CEO Paul Feeney said: "We have been working with AAM since 2009 and the speed at which this deal has completed is testament to the way our businesses are aligned with one another.
"Our strategy is to develop a multi-channel advice business and grow deeper routes in our core markets. We remain committed to Singapore and to servicing the wider financial advice market."
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By GlobalDataAAM Advisory CEO Matthew Dabbs said: "We are looking forward to being part of Old Mutual Wealth and benefiting from their financial strength, experience in supporting advice and distribution, and their in-house expertise in investment research which complements the success of AAM’s.
"This is an exciting opportunity for our business and together we will continue to build a strong advisory business focused on providing positive solutions for our clients."
