Old Mutual’s wealth arm, which is due to be demerged from the insurer and dual-listed in Johannesburg and London soon after the release of its 2017 financial results early in 2018 has completed the buyout of advisory business Caerus Capital for an undisclosed amount.
This was in line with Old Mutual Wealth’s strategy of expanding its advisers across the UK. The deal, announced in February and which has now received regulatory approval, adds 300 advisers — responsible for £4bn under advice — to Old Mutual Wealth’s workforce.
It adds to Wealth’s advisory businesses, Intrinsic and Old Mutual Wealth Private Client Advisers, which together have more than 3,000 advisers in their network. They have contributed customer referrals to Quilter Cheviot, Wealth’s investment management unit.
“The strategy at Old Mutual Wealth is to build the leading retail wealth management business in the UK,” said spokesman William Baldwin-Charles.