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Old Mutual Wealth completes Caerus acquisition

02 June 2017 08:07

Old Mutual Wealth, the UK wealth management business of Old Mutual, has completed the acquisition of financial adviser network Caerus Capital Group.

Intrinsic, part of Old Mutual Wealth, had agreed the acquisition subject to a number of conditions, including shareholder agreement and regulatory approval.

The offer had now received approval from the regulator and remaining shareholders following the unanimous decision of the Caerus Board to accept the offer with regards to its own holdings.

Caerus consists of more than 300 advisers who are responsible for more than £4 billion of Assets under advice.

"The acquisition complements Old Mutual Wealth's existing controlled distribution footprint in the UK, which includes Intrinsic, and Old Mutual Wealth Private Client Advisers, the branded national adviser firm established in 2015," it said.

The acquisition by Old Mutual Wealth followed its stated intent to acquire further scalable advice businesses to grow its controlled distribution capability.

At 8:07am: (LON:OML) Old Mutual Group PLC share price was +1.65p at 192.35p

Story provided by StockMarketWire.com

Related Company: OML

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