Old Mutual Wealth has bought advice network Intrinsic for an undisclosed sum as it continues its growth strategy across a number of channels.
Following speculation last year, the group said today it had acquired Intrinsic, one of the UK's largest adviser networks with 3,000 members on its books.
The deal will see Intrinsic's existing management structures and business model remain in place, Old Mutual Wealth said.
Old Mutual Wealth's platform, protection and investment solutions will be added to the panels for its restricted advice offer, the group added.
Paul Feeney, chief executive of Old Mutual Wealth (pictured), said: "Wealth management is not just for the wealthy.
"Most people need high quality individual advice to help them secure their financial future, to achieve their goals and look after their families. We believe passionately in this and want to improve access to wealth management services for people right across the UK."
High quality outfit
He added: "With one in ten advisers in the UK being part of Intrinsic we will be ideally positioned to facilitate that. Intrinsic is a high quality business with high quality people and this acquisition is a sign of our commitment to the financial advice industry."
Richard Freeman, chief executive of Intrinsic, added: "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."
The deal is subject to regulatory approval.
Last year, Intrinsic bought out national IFA Positive Solutions from its parent company Aegon. Positive Solutions cheif executive Peter Coleman stepped down from the business earlier this year.
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