Old Mutual Wealth has bought Henderson out of its 50 per cent holding in multi-asset business Cirilium, which was launched specifically for clients of adviser network Intrinsic.
It follows Old Mutual’s acquisition of Intrinsic in March and means the group will own 100 per cent of the company.
In a separate move, the group has hired Stewart Cazier from Henderson to become chief operating officer for distribution. He will report to global head of distribution Steven Levin and will be a member of the senior distribution team.
Paul Craig, the lead manager on the nine-strong Cirilium range, has also been hired by Old Mutual to ensure continuity of management of the multi-asset funds.
The manager will join John Ventre’s multi-asset team and will seek to continue the strong performance of the portfolios, which has seen the Dynamic, Moderate and Balanced portfolios produce top-quartile returns in their respective IMA peer groups.
The Cirilium range features five multi-manager funds and four passive multi-asset funds, and comprises £1.5bn in assets, Old Mutual said.
In addition to the hire of Mr Craig, Old Mutual has also hired Henderson’s director of strategic partnerships Danny Knight. Mr Knight will be responsible for sales of the Cirilium fund range as part of the distribution team.
Paul Feeney, chief executive of Old Mutual Wealth, said: “Cirilium has been designed specifically for the customer proposition offered by Intrinsic’s restricted advisers, is very well run and has delivered great performance. The acquisition will deliver continuity and certainty that Cirilium will remain an integral part of Intrinsic’s customer proposition.”
Phil Wagstaff, Henderson’s global head of distribution, said the sale of his company’s stake was “in the best interests of all stakeholders, most importantly clients”.
The deal is set to complete in the final quarter of this year.
