Intrinsic Financial Services

Network Intrinsic is launching a practice buyout scheme for its appointed representatives (ARs), with parent Old Mutual Wealth offering financial backing at preferential rates to facilitate deals.

National IFA Positive Solutions has seen its adviser numbers tumble 64% in the last five years, though the level of departures seems to have stabilised.

An IFA has left network Intrinsic after he felt he was being nudged towards adopting a restricted proposition.

National advice firm Positive Solutions said it is close to resolving an IT error which has left several advisers without pay for as many as four days.

The Serious Fraud Office is investigating an allegation of fraud against a number of investment funds operated by Stirling Mortimer Global Property fund.

Old Mutual Wealth, comprising Skandia and Old Mutual Global Investors, has officially completed its acquisition of advice network Intrinsic, following regulatory approval.

Henderson's Stewart Cazier is to join Old Mutual Wealth, with Paul Craig also joining the firm, after the group agreed a deal to buy up Henderson's remaining stake in Intrinsic's investment company Cirilium.

Old Mutual is reviewing Intrinsic's risk-rated Cirilium proposition in a move which could see it take over the range from Henderson.

Will Old Mutual Wealth have any use for the independent advisers it has acquired as part of its deal to buy Intrinsic?

UK platform Skandia has reported profits of £13m in 2013, up from £2m in 2012, after net inflows of over £2bn last year.