Old Mutual Wealth is to acquire an expatriate adviser business in Singapore, AAM Advisory, amove designed to strengthen the firm’s commitment to the Asian region and to the financial advice market.
The acquisition of AAM Advisory shows Old Mutual Wealth continuing its distribution strategy of developing a multi-channel advice business. It has long been a supporter of all forms of financial advice and a key ambition of the business is to strengthen the footprint of advice.
AAM Advisory is the largest expatriate advisory firm in Singapore with over 30 advisers, and works with a number of product providers in the region to ensure customers have access to the most appropriate solutions in the market.
AAM Advisory will continue to operate separately from Old Mutual Wealth’s existing businesses in the region, Old Mutual International and Old Mutual Global Investors. Old Mutual International and Old Mutual Global Investors will continue to distribute products and solutions via AAM Advisory but will remain focused on the wider financial advice market in the region.
The acquisition is expected to complete within the next couple of months.
Paul Feeney (pictured), CEO, Old Mutual Wealth, says: “We are strong supporters of financial advice, and this acquisition shows us building on our distribution strategy. AAM Advisory represents a unique and exciting opportunity for Old Mutual Wealth to acquire the leading expatriate adviser business in Singapore. We have been working with AAM Advisory for a number of years now, and their strong customer focus fits well with the culture of Old Mutual Wealth.”
Matthew Dabbs, CEO, AAM Advisory: adds: “We were looking for a partner to help us grow and we are pleased Old Mutual Wealth is acquiring the business. We recognise the value which Old Mutual’s financial strength can provide as well as its 170 years’ experience in supporting advice and distribution. Together we will continue to build a strong advisory business focused on providing positive solutions for our clients.”