Insurance and savings solutions provider Utmost Group is set to shut down its AAM Advisory business that is based in Singapore.

AAM Advisory, a wealth management and advisory firm, was bought by Utmost after it took over Quilter International last year.

The company currently handles SGD$800m ($563m) of assets under advice for more than 4,000 clients.

Closure of the business is driven by a strategic review of AAM Advisory carried out by Utmost.

It will help the company to focus on partner-led distribution and not putting effort to create its own operations of the same kind.

Utmost plans to finalise the closure next year.

Utmost Group CEO Paul Thompson said: “The closure of AAM will allow Utmost International to focus on growing our core wealth solutions business and enable us to focus on the continued development of our proposition.

“Our strategy is built on partner-led distribution and, in 2021, we distributed our products through over 800 distribution partners globally.

“Singapore is a key strategic market for insurance-based wealth solutions. The Group remains committed to growing its presence here, as well as in the wider Asia region, where we continue to develop attractive propositions for affluent and HNW clients.”

In April this year, Utmost Wealth Solutions, a unit of Utmost International, rolled out its Private Wealth Portfolio tool for the high-net-worth individual (HNW) and ultra-high-net-worth (UHNW) industries in France.