News

7
Mar

Old Mutual Break Up? Update Coming Friday

Reports in the weekend press suggest that Old Mutual is planning a break- up.
Driving this are reported bids for its wealth management arm from buyout specialists Cinven and Warburg Pincus. They are said to have prepared billion-pound bids for Old Wealth Mutual which includes investment manager Quilter Cheviot.
Old Mutual released a statement this morning saying that “all options” are being considered and that it will provide an update, along with the firm’s 2015 results, on Friday.
The shares traded higher on the news.
Old Mutual Wealth, along with Intrinsic, has already announced plans to launch a national advice business over the next five years. This would involve 250 advisers spread across ten regional offices.
Article originally posted in IFA Magazine (www.ifamagazine.com)