The Old Mutual Wealth Private Client Advisers has acquired Birmingham-based Premier Planning and Premier Wealth, adding a combined £170m in assets under advice.
Managing Director of Premier Wealth, Mark Grainger is due to be joining Old Mutual Wealth Private Client Advisers as a financial planner. Richard Usmar, Managing Director at Premier Planning, will join the private client advisory arm of Old Mutual as a contracted consultant.
Conditions of the deal are inclusive of OMW (Old Mutual Wealth) Private Client Advisers taking all liabilities for Premiers’ past advice. OMW Private Client Advisers issued a statement explaining this, stating it was in the interests of advisers, whose company liabilities could fall on the Financial Services Compensation Scheme.
Recently last year we witnessed Old Mutual’s Intrinsic acquire Lancashire-based IFA Michael Waite. The Director, Michael Waite had wished to stop operating as part of the company following personal reasons and passed away shortly after the sale.
This purchase brought a total of £40m AUA to OMW Private Client Advisers. The books of the business were taken under the Old Mutual’s Chester office because of the location of the majority of the client base.
When Old Mutual Wealth set up their private client advisory in 2015 it opened offices in both Chester and London.
Since the launch in 2015, we have witnessed a number of smaller firms being bought under Old Mutual Wealth’s Private Client Advisory in part of a longer-term strategy to build scale. The firm’s accounts released an expenditure of £8m on purchasing advice companies under the Private Client Advisory totaled until December 2016.
Nigel Spears, who operates as Managing Director at Old Mutual Wealth Private Client Advisory, stated the purchase was a ‘milestone’ in the company’s audacious growth strategy.
‘This is another important milestone for OMW Private Client Advisers. We now have five regional offices, allowing us to deliver quality face to face financial planning to a growing number of clients across the country,’ said Speirs.
Richard Usmar, Chief Executive at Premier Planning, said he was looking forward to working with Old Mutual after growing his business for three decades.
‘Growing this business and servicing our clients over more than 30 years has been a real joy,’ said Usmar. ‘I am particularly pleased that I can pass my business over to a well-resourced client focused business.
‘I look forward to working with the team for many years to come, knowing that on a day to day basis my clients are in safe hands with Mark Grainger and his colleagues at OMW Private Client Advisers,’ he said.
If you would like to know more about Old Mutual or Old Mutual Wealth Private Client Advisers, feel free to contact Louise at 0117 9926 335 or email firstname.lastname@example.org