Old Mutual Wealth has confirmed its purchase of restricted advice network Intrinsic as it continues with its plans to become what it calls an integrated firm.
The company said the group now had within its range of services financial advice, asset management and wealth management products.
The Skandia platform and protection products, as well as a range of Old Mutual Global Investors’ funds will soon be available via Intrinsic’s selected panels.
Richard Freeman, chief executive of Intrinsic, also 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 as non-executive director.
Lord Leitch is chairman of Bupa and has been chief executive of Zurich UKISA, chairman of Scottish Widows, deputy chairman of Lloyds Banking Group and chairman of Threadneedle Asset Management.
Three members of Old Mutual Wealth’s executive committee have been appointed to the Intrinsic board as directors with Jeremy Charles becoming chief operating officer, Steven Levin, global head of distribution and Kevin Lee-Crossett becoming chief risk officer.
Paul Feeney, chief executive of Old Mutual Wealth,said the acquisition of Intrinsic was “an important part of our integrated customer proposition”
“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,” he said.
