Quilter  

Quilter considers selling heritage life business

Quilter considers selling heritage life business

Quilter is to carry out a strategic review of Old Mutual Wealth Life Assurance, with a view to sell the business, though no decisions have yet been made.

In a market update today (July 4), the investment manager announced the review but refused to give further details on when such a sale might take place, if at all.

When Old Mutual Wealth announced in 2017 that it would rebrand as Quilter it was revealed that the company would be closing the institutional business within its heritage life assurance business to new customers.

It stated at the time it did not consider the business to be core to its strategy and that it was very low margin.

At the time, it was expected that the book of business would run off over the next couple of years.

Headed by Paul Feeney, Quilter offers advice, investment management and also runs its own platform.

The business has been busy acquiring other firms, including adviser network Lighthouse for £46.2m last month.

Also last month Quilter's national advice business Quilter Private Client Advisers gained £211m in assets under advice with the completion of three acquisitions - financial planning firms Petrus Financial Services, ROC Consultants, and M.J.S Wilson & Co. 

maria.espadinha@ft.com

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