Old Mutual completes Intrinsic acquisition, appoints new Customer Director

1st Jul 2014 11:32

FTSE 100 financial services group Old Mutual has completed the acquisition of Intrinsic Financial Services, one of the largest networks of financial advisers in the UK. The acquisition was carried out by Old Mutual Wealth, which comprises Skandia and Old Mutual Global Investors. The company has around 3,000 financial advisers who operate either on an independent or restricted basis. It will remain distinct within Old Mutual Wealth, with its own existing brand and management team. The purchase comes as part of Old Mutual's strategy of building an integrated customer proposition comprising financial advice, asset management and tax efficient products.At the time the acquisition was first announced, Old Mutual Wealth's Chief Executive, Paul Feeney, said: "Intrinsic is a high quality business with high quality people and this acquisition is a sign of our commitment to the financial advice industry."The announcement came as the group unveiled Gail Klintworth as its new Group Customer Director.Klintworth, who is joining from Unilever, will take up the position from the beginning of August, succeeding Carlton Hood.The group's share price rose 1.11% to 199.90p by 11:21.NR