Old Mutual Wealth targets close ties between Quilter Cheviot and Intrinsic

Old Mutual Wealth (OMW) is to establish a close relationship between adviser network Intrinsic and Quilter Cheviot after it agreed a £585m deal to acquire the discretionary manager.

The group said its 16 October acquisition of Quilter Cheviot, - which has £16bn in AUM and 165 investment managers - completes its attempts to build a vertically integrated wealth and investment business. Having acquired the Intrinsic network of advisers earlier this year, Old Mutual said its latest purchase will enable it to access higher net worth clients - as well as tapping into the growing trend of advisers outsourcing investment to discretionary managers. OMW sees a particular opportunity from the £9bn of Quilter Cheviot's AUM that is non-advised business. "It is this book pa...