Thrings completes sale of Intrinsic to Old Mutual Wealth
Commercial law firm Thrings has completed the sale of Intrinsic, the UK’s largest network of restricted and independent financial advisers, to wealth management provider, Old Mutual Wealth.
Swindon-based Thrings, led by senior corporate partner Jonathan Payne and associate solicitor Elaine Meyrick, provided advice on all legal and strategic matters to Swindon-headquartered Intrinsic and its management team. Tax and accountancy advice was provided by KPMG.
Under the terms of the transaction, Intrinsic’s 3,000-strong network of restricted and independent financial advisers will become part of Old Mutual Wealth, which comprises Skandia and Old Mutual Global Investors. Intrinsic will also retain its brand and management team.
Thrings has been providing legal advice to Intrinsic since 2006, a period in which it has become one of the UK’s fastest-growing financial advice services companies. In 2012, Intrinsic reported an annual turnover of £121million.
Wallace Dobbin, governance and legal director at Intrinsic, said: “This was a technically complex transaction at a key stage in Intrinsic’s strategic development. It was therefore imperative the legal advice we received supported the business’ overall objectives and ambitions for growth.
“The relationship between client and advisor needs to be open and honest, and not only did Jonathan and Elaine demonstrate great commercial awareness, they also acted with the utmost discretion at all times. I would like to thank Thrings for their support – they were extremely easy to deal with and we simply could not have done it without them.”
Mr Payne said: “Intrinsic is one of the leading providers of financial advice and wealth management in the UK, and this deal will provide the business with the opportunity and financial platform to strengthen its reputation and meet the long-term needs of its customers.
“Thrings has worked closely with Intrinsic’s management team for the past eight years, and the depth of understanding we have acquired has enabled us to consistently provide legal advice which supports its plans for the future. We wish Wallace and everyone at Intrinsic well at what is an exciting time for the business.”