Old Mutual Wealth has acquired UK financial advisor Intrinsic. The financial terms of the acquisition deal were not disclosed, according to Money Marketing.
Under the terms of the said deal, Intrinsic's brand and management group will remain the same. The protection products and advisers of Skandia, an Old Mutual subsidiary, will be integrated into Intrinsic's portfolio, the report detailed.
The asset management product of Intrinsic will still be included in its investment plans. The company's advisers will now be able to tap into the investment products of Old Mutual, including the new Wealth Select portfolio. In addition, the firm will still dispense independent financial advice to its clients, the report explained.
Richard Freeman, the chief executive officer (CEO) of Intrinsic, said of the acquisition deal: "Ownership by Old Mutual Wealth will bring a host of benefits to our customers and to our business. It will deliver a first-class proposition with the investment platform, investment solution and advice relationship fully aligned in a way that provides real value for money."
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