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FCA clears Old Mutual acquisition of Intrinsic

Old Mutual Wealth has completed the acquisition of Intrinsic, allowing it to move its funds, platform and protection products onto the network’s panels. 

The deal, first revealed by Money Marketing in December, was agreed in February and has today been granted approval by the FCA. 

Money Marketing also revealed in April that Old Mutual was set to follow-up the deal by acquiring the 50 per cent stake in Cirilium owned by Henderson. That transaction is still awaiting regulatory approval. 

The completion of the acquisition sees Intrinsic chief executive Richard Freeman join the OMW executive committee.

Old Mutual Wealth global head of distribution Steven Levin joins the Intrinsic board, as does chief operating officer Jeremy Charles and chief risk officer Kevin Lee-Crossett.

The Skandia platform will be put on panel alongside Ascentric and Aegon. The protection panel includes Skandia, Aegon, PruProtect, Friends Life, Zurich and Bright Grey.

Old Mutual chief executive Paul Feeney says: “The acquisition of Intrinsic is an important part of our integrated customer proposition that now covers financial advice, actively managed portfolios and wealth management products. We believe 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.”

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  1. It doesn’t make an ordinary saver like me feel anymore comfortable about a firm that takes no responsibilty for its portfolio products. The use of wrappers is just a device to push responsibilty and risk onto IFAs.

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