London-based Old Mutual Wealth has completed the acquisition of Quilter Cheviot, the UK discretionary investment managers currently managing £16.7bn of assets (€22.8bn). In October, the company said it would buy Quilter Cheviot for £585m (€798.7m).
The UK retail investment business company, which purchased financial advisory network Intrinsic last July, also said it will enhance its range of investment management solutions.
The firm has announced Quilter Cheviot’s investment management process will remain the same. In addition, Martin Baines, chief executive of Quilter Cheviot, will join the Old Mutual Wealth executive committee.
Paul Feeney (pictured), chief executive of Old Mutual Wealth, commented: “The acquisition of Quilter Cheviot is an important step in delivering a complete set of solutions to meet the wide ranging needs of advisers and clients.”
Old Mutual Wealth is currently managing £82.2bn (€112.2bn) in customer investments. The firm is part of Old Mutual plc, providing life assurance, asset management, banking and general insurance, with £307.6bn of assets under management (€419.9bn) as at 30 September 2014.
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