Old Mutual Wealth has acquired Intrinsic, one of the largest adviser networks in the UK with around 3,000 independent and restricted intermediaries, in a deal that will secure a major distribution boost for Skandia products and its adviser platform.
Old Mutual Wealth, the new name for the adviser-facing Skandia business, said Instrinsic will keep its “own brand and management team” and will continue to support both independent and restricted advisers.
According to a statement from Old Mutual Wealth, Intrinsic’s restricted advice proposition will remain “broad-based”, though it confirmed Skandia protection products will be added to Intrinsic’s panel for mortgage and protection advisers and the Skandia platform will be added to the network’s platform panel.
Paul Feeney, chief executive officer of Old Mutual Wealth, said: “Wealth management is not just for the wealthy. Most people need high quality individual advice to help them secure their financial future, to achieve their goals and look after their families.
“We believe passionately in this and want to improve access to wealth management services for people right across the UK.
“With one in 10 advisers in the UK being part of Intrinsic we will be ideally positioned to facilitate that.”
Sanlam UK also sold its 23 per cent holding in Intrinsic Financial Services to Old Mutual Wealth for an undisclosed sum.
Lukas van der Walt, Sanlam UK chief executive, said: “This has been a successful association for Sanlam UK and this deal allows us to achieve greater focus in respect of our selected client target market and the segments of retail financial services in which we wish to operate and compete.”
Despite now owning the Intrinsic adviser network, Old Mutual Wealth stated it “remains committed” to the broader advice market, and is investing in its products and services to reflect this.
For example, Skandia recently unveiled the full annual management charges for the 22 funds at the core of its WealthSelect restricted fund range.
