Swindon-based IFA network Intrinsic snapped up by Old Mutual
Intrinsic – the UK’s largest network of restricted and independent financial advisors – has been bought up by Old Mutual Wealth for an undisclosed sum.
Under the acquisition deal, Intrinsic – which was established in the town eight years ago – will keep its own brand and management team.
Intrinsic has approximately 3,000 financial advisers who operate either on an independent or restricted basis. In 2012, the firm reported an annual turnover of £121 million.
Intrinsic’s business model will remain unchanged and will continue to support both independent and restricted advisers, said the parties.
Intrinsic was advised by commercial law firm Thrings. Led by senior corporate partner Jonathan Payne and associate solicitor Elaine Meyrick, Thrings provided advice on all legal and strategic matters to Intrinsic and its management team. Tax and accountancy advice was provided by KPMG.
Intrinsic CEO Richard Freeman said: “Ownership by Old Mutual Wealth will bring a host of benefits to our customers and to our business. It will deliver a first class proposition with the investment platform, investment solution and advice relationship fully aligned in a way that provides real value for money.
“In addition, the support of a single, stable shareholder with Old Mutual’s financial strength and global experience in advice and distribution will further strengthen the business and deliver long term security for our customers.”
Jonathan Payne said: “Thrings has worked closely with Intrinsic’s management team for the past eight years, and during this time we have developed a thorough understanding of the business and its ambitions. This has enabled us to provide ongoing legal advice which supports the company’s commercial and strategic objectives.
“Intrinsic is already one of the leading providers of financial advice and wealth management in the UK, and this deal will provide the opportunity and financial platform to strengthen its reputation and meet the long-term needs of its customers.
“This is a significant development in Intrinsic’s history, and we believe the deal will propel the business on to even greater successes in the future.”
The deal is subject to regulatory approval and is expected to complete within 90 days.