Old Mutual, which comprises Skandia and Old Mutual Global, said the acquisition was a “significant milestone” in its strategy of building an integrated customer proposition comprising financial advice, asset management and wealth management products.
It will soon make the Skandia platform and protection products, and a range of Old Mutual Global Investors’ funds, available via Intrinsic’s selected panels.
Intrinsic chief executive Richard Freeman joins the Old Mutual Wealth executive committee with immediate effect, and Sandy Leitch, non-executive chairman of Intrinsic will be appointed to the Old Mutual Board as a non-executive director.
Three members of Old Mutuals’s executive committee, Jeremy Charles, Steven Levin and Kevin Lee-Crosset, have also been appointed to the Intrinsic board as directors.
Chief executive of Old Mutual, Paul Feeney, said: “We believe that wealth management needs to be more accessible to customers and having 3,000 financial advisers as part of our business will help us deliver that.”