Old Mutual Wealth acquires another UK advice firm
Old Mutual Wealth Private Client Advisers has acquired its fifth advisory firm this year, with the addition of the West Yorkshire-based IFA firm Coleman Clough.
The deal adds £33m in assets to OMW Private Client Advisers’ restricted national advice business, and confirms the company’s increasingly apparent intention of becoming a major player in the UK’s advisory marketplace.
Following the acquisition, Coleman Clough’s founder, director and sole adviser Roy Clough will retire but will stay with the company for a transition period,the company said in announcing the deal.
No purchase price or other details were given.
Old Mutual Wealth Private Client Advisers is part of the British-South African Old Mutual group’s Old Mutual Wealth business, which, as reported, is one of the parent company’s four constituent parts that it plans to divide itself into, in order to, as Old Mutual group chief executive Bruce Hemphill put it when the plan was formally announced last year, “unlock value currently trapped within the group structure”.
In May Old Mutual said it might consider “a small initial public offering” for the wealth operation rather than a sale.
Nigel Speirs, managing director of OMW Private Client Advisers said the acquisition offered his company “an opportunity to grow our business, and our Yorkshire office”, and would build on the solid reputation Clough had earned.
In September, Old Mutual bought Cumbria-based financial planning firm Dodd Murray, adding another £205m to its assets under advice.
In June, through its Intrinsic arm, it completed the acquisition of Caerus Capital Group, adding more than 300 advisers to its network. This came weeks after it announced the purchase of Cheadle-based Maestro Financial Services.
In March, it acquired two related businesses, Premier Wealth and Premier Planning, giving it an outpost in Birmingham.
Last year it bought the Huddersfield, Yorkshire-based Financial Adviser School from the Sesame Bankhall Group, and it has been expanding it ever since, adding new areas of expertise, such as mortgage qualifications.