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Intrinsic founder Freeman to retire

Intrinsic founder Freeman to retire

Richard Freeman, Old Mutual Wealth's chief distribution officer and founder of Intrinsic, will retire at the end of June.

The former chief executive of Intrinsic will retire to focus on his personal interests and continue to be active in the charity sector.

Mr Freeman is chairman of the development board of Dallaglio RugbyWorks, a charity which aims to get teenagers outside education into employment or training.

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He will also remain a director and board member of the Tax Incentivised Savings Association.

Mr Freeman said: "I have enjoyed a long, rewarding and full career and I believe that it is now right for me to step down from my full-time executive role to explore other opportunities and pursue a slightly less hectic pace of life.

"I am confident that I leave Intrinsic and Old Mutual Wealth in fantastic shape and very well-placed to succeed in the future. I am proud to have played my part in building two very successful businesses."

He added that after previously announcing his retirement twice from Intrinsic and Old Mutual Wealth, this time "it is for real".

Mr Freeman, who sits on the Old Mutual Wealth executive committee, served in the army for 16 years before he started working in the financial services industry in 1989, initially as a financial adviser.

He was a founding director of Intrinsic in 2005 and as its chief executive, he led the acquisition by Old Mutual Wealth in July 2014.

More recently, as executive adviser, he has supported Old Mutual Wealth's preparations for its upcoming demerger from Old Mutual and its listing on the London and Johannesburg stock exchanges.

Paul Feeney, chief executive of Old Mutual Wealth, said: "I have really enjoyed working with Richard and have personally valued his insight and guidance.

"Reluctantly I have had to accept that he does mean it this time. On behalf of everyone at Old Mutual Wealth, we send him our good wishes for the future."