UK wealth management firm Old Mutual Wealth has signed an agreement to buy 100% of Singapore-based expat financial advice specialist AAM Advisory.
Announcing the deal on Tuesday, the UK wealth manager said AAM would keep its name, adding that its 30 advisers would continue to operate independently from Old Mutual’s other Asian businesses, Old Mutual International and Old Mutual Global Investors.
Old Mutual has had a presence in Hong Kong since 1991, and moved into Singapore in 2008.
Old Mutual Wealth chief executive Paul Feeney said the deal builds on the company’s current distribution strategy, adding: “AAM Advisory represents a unique and exciting opportunity for Old Mutual Wealth to acquire the leading expatriate adviser business in Singapore.”
He said AAM’s culture “fits well” with that of Old Mutual.
AAM chief executive Matthew Dabbs, pictured, announced the deal on the firm’s website, calling it “exciting news”, but stressing that the management and branding of the business would not change.
“There will be no change to the management or advisory team at AAM and we will continue to offer advice and solutions from exactly the same range of product providers as before. All existing planning that we have worked on with our customers and various product providers remains unchanged,” he said.
The deal is expected to be completed within “the next couple of months”, Old Mutual Wealth said in its statement.