Old Mutual Wealth Subsidiary Buys UK-Based Firm

Robbie Lawther

5 June 2017

Financial services firm . The deal will see Old Mutual Wealth build on its growing distribution network in the UK by adding 300 financial advisors to Intrinsic, which already has 3,700 advisors working for the company.

The Swindon-based firm’s board had accepted an offer from Intrinsic in February 2017, and now the deal has finally been completed, Intrinsic said in a statement last week.

The acquisition will see Caerus become a wholly-owned subsidiary of Intrinisic. Caerus’ advisors will adopt the Intrinsic advice process over a phased transition, which will be managed on a firm by firm basis.

Following completion Caerus chief executive, Keith Carby, will leave the business while managing director, Andy Ferns, will stay with the company to support a smooth transition to Intrinsic.

“I’m delighted to welcome the staff, advisers and clients of Caerus into the Intrinsic network,” said Andy Thomson, Intrinsic CEO. “Caerus has grown to become one of the most highly-regarded networks in the industry, and we now have a fantastic opportunity to continue our growth together. I’d also like to thank Keith Carby for the remarkable contribution he has made to Caerus and for giving Intrinsic the opportunity to continue that work.”

This publication reported in May, that Old Mutual Wealth had appointed Jon Little as an independent non-executive director, as it looks to expand its operations in the UK.