Old Mutual Wealth is acquiring Quilter Cheviot in a deal worth £585 million.
In a statement Old Mutual Wealth said that the deal was part of its vision to become a leading investment business. It allows them to offer their affluent and high net worth individuals a discretionary investment management service. This means that Old Wealth Mutual can maximise its participation in the growing trend post-RDR of financial advisers outsourcing investment solutions.
The deal is subject to regulatory approval.
The chief executive of Old Mutual Wealth Paul Feeney said: “This is a key acquisition for our business. Quilter Cheviot is a high quality business with great people and an investment proposition that adds significantly to the investment services we offer financial advisers and clients. At Old Mutual Wealth we serve clients who plan and want to save actively for their futures and to do that, we need a range of investment solutions that meet differing clients’ needs.
“Discretionary investment management was a clear gap in our proposition and the addition of Quilter Cheviot closes that gap. This acquisition is a major step towards our vision of becoming the UK’s leading investment business, with a proposition we can export to our international markets over time.”
Chief executive of Quilter Cheviot Martin Baines said: “This is an exciting development for our business, our clients and our intermediary partners as we become part of Old Mutual Wealth, where our services will be complementary to the existing offering. Old Mutual Wealth has a very strong distribution network through which we will be able to promote our discretionary investment management services and we will get greater access to the market leading asset management capability within Old Mutual Global Investors.
“The long term parentage and financial security that the acquisition provides will allow us to continue to do what we do best, manage clients’ money on a bespoke discretionary basis, providing high levels of service to both clients and intermediaries without compromise.”