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Old Mutual Wealth to ditch name ahead of float – FT Adviser

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Old Mutual Wealth will rebrand as Quilter when it lists on the London Stock Exchange next year.

The announcement is part of the company’s separation from fund management giant Old Mutual which will create four new companies.

Today (15 November) Old Mutual Wealth chief executive Paul Feeney will make a presentation to investors and analysts on the company’s strategic direction and growth prospects.

As part of this, he will confirm that Old Mutual Wealth remains on track to list on the stock exchange next year, “at the earliest opportunity” after Old Mutual’s 2017 full year results.

Mr Feeney will also announce that Old Mutual Wealth will become Quilter once it demerges from the rest of the group.

The company will be split into two divisions: advice and wealth management, including Intrinsic and Old Mutual Wealth Private Client Advisers, and wealth platforms, which will include the UK platform and Old Mutual Wealth’s international business.

Mr Feeney said: “We’ve made tremendous progress over the last five years in building this unique and successful business. We are well-positioned to build on what we have achieved in one of the world’s largest and growing wealth management markets.

“Having two distinct but strongly complementary segments will help us continue to deliver good customer outcomes for new and existing customers. However, having individually strong businesses is not enough by itself to drive success. We are focused on ensuring the businesses work together to build better solutions and drive integrated flows.

“We very much look forward to listing in 2018 as Quilter. We believe that we have a compelling investment opportunity as we continue to deliver strong and sustainable returns for shareholders in our own right as a fast-growing, independent and publicly listed company.”

Mr Feeney said the company’s recently announced flows, which increased 53 per cent to £4.9bn, showed there was strong demand for its services.

Following the rebrand, Quilter Cheviot will keep its name but Intrinsic and Old Mutual Wealth Private Client Advisers will become Quilter Financial Planning and Quilter Private Client Advisers.

Meanwhile the multi-asset business will become Quilter Investors, the UK platform will become Quilter Wealth Solutions and the international business will become Quilter International.

In today’s announcements Mr Feeney will also say that the timings and costs of Old Mutual Wealth’s replatforming will remain unchanged.

The company is paying up to £160m to FNZ to build a new platform by early 2019 after terminating its contract with IFDS earlier this year.

The company will also be closing the institutional business within its Heritage life assurance business to new customers as it is not core to the strategy and is very low margin. It is expected this book of business will run-off over the next couple of years.