Old Mutual Wealth has received regulatory approval for its acquisition of Quilter Cheviot and the transaction officially completed on 25 February 2015.
Quilter Cheviot is one of the largest discretionary investment managers in the UK with GBP16.7bn funds under management and 500 employees, including 165 investment managers (as at 31 December 2014).
The acquisition is a significant milestone in Old Mutual Wealth’s transition from primarily a platform business to an integrated wealth management business that delivers increased value to advisers and customers.
In July last year, Old Mutual Wealth expanded its offering to include financial advice through the acquisition of Intrinsic. The platform remains core to its business as it gives financial advisers access to a range of investment management solutions managed by the best asset managers in the market via Old Mutual Global Investors and external fund managers.
The acquisition of Quilter Cheviot significantly enhances this range of investment management solutions. The Quilter Cheviot discretionary investment management service will sit alongside Old Mutual Wealth’s existing packaged investment solutions such as WealthSelect, Cirilium and Spectrum. This will enable Old Mutual Wealth to meet the needs of the growing number of affluent and high net worth investors.
Following the completion of the acquisition:
• Quilter Cheviot’s clients will have improved access to OMGI’s award winning asset management capability.
• Quilter Cheviot’s clients will benefit from improved buying power of the combined group.
• Quilter Cheviot’s discretionary investment management process will remain unchanged.
• Martin Baines, chief executive of Quilter Cheviot, will join the Old Mutual Wealth Executive Committee, reporting to Paul Feeney, chief executive of Old Mutual Wealth.
Feeney says: “Most customers aren't looking for platforms or for funds. They're looking for solutions. At Old Mutual Wealth we believe that means advice from a trusted adviser, investment solutions that match that advice and investment performance you can rely on from a world class asset manager. The acquisition of Quilter Cheviot is an important step in delivering a complete set of solutions to meet the wide ranging needs of advisers and clients. We are very proud that they are now, formally, part of Old Mutual Wealth.”