Old Mutual Wealth’s acquisition of network Intrinsic has officially completed today (1 July) after receiving regulatory approval.
The deal will see Skandia platform and protection products, as well as a range of Old Mutual Global Investors’ funds, available via Intrinsic’s selected panels.
Richard Freeman, chief executive of Intrinsic, joins the Old Mutual Wealth executive committee with immediate effect and Lord Sandy Leitch, non-executive chairman of Intrinsic, will be appointed to the board of Old Mutual Wealth Management Ltd as non-executive director.
Lord Leitch is chairman of Bupa, and has been chief executive of Zurich, chairman of Scottish Widows, deputy chairman of Lloyds Banking Group, and chairman of Threadneedle Asset Management.
He was also chair of the Association of British Insurers.
At the same time, three members of Old Mutual Wealth’s executive committee have been appointed to the Intrinsic board as directors.
Jeremy Charles is chief operating officer, Steven Levin is global head of distribution and Kevin Lee-Crossett is chief risk officer.
Paul Feeney, chief executive of Old Mutual Wealth, said: “The acquisition of Intrinsic is an important part of our integrated customer proposition that now covers financial advice, actively managed portfolios and wealth management products.
“We believe wealth management needs to be more accessible to customers and having 3,000 financial advisers as part of our business will help us deliver that.”
