The UK financial advice business that was recently launched by Old Mutual Wealth and subsidiary Intrinsic has made its first acquisition.

Old Mutual Wealth Private Client Advisers has agreed to acquire DQS Financial Management for an undisclosed sum.

Old Mutual Wealth and Intrinsic, the UK advisor network it acquired in 2014, launched national advice business Old Mutual Wealth Private Client Advisers in October last year. The business, led by managing director Nigel Speirs, leverages the investment capability of Old Mutual Wealth's subsidiaries, Quilter Cheviot and Old Mutual Global Investors. 

The acquisition, which is subject to regulatory approval, will bring £200 million ($284 million) of assets under advice and 650 clients.

DQS, based in Newton Abbot in Devon, was founded in 2001 by directors Chris Dyson, Rob Quaintance and Carrie Payne. They will remain with the business, as will DQS staff, which includes five advisors.

“At Old Mutual Wealth we are absolutely committed to investing in the future of face-to-face financial planning, and bringing well-controlled, high quality financial planning to more customers. We will continue to invest in our proposition supporting the wider advisor market as well as our distribution capabilities through Intrinsic,” said Richard Freeman, chief distribution officer at Old Mutual Wealth.

Old Mutual Wealth oversaw £107.1 billion in customer investments as at the end of March 2016.