Old Mutual Wealth has confirmed the acquisition of the 50 per cent stake in Cirilium currently owned by Henderson.
Cirilium is an investment joint venture between Henderson and adviser network Intrinsic.
Money Marketing revealed in April that a deal was close.
Multi-manager service Cirilium currently supports £1.5bn of investments. Today’s deal means Old Mutual will own the business outright, having taken a 50 per cent share when it acquired Intrinsic in February.
Separately, Old Mutual Wealth has appointed Henderson Global Investors managing director of distribution Stewart Cazier as chief operating officer of distribution.
Fund manager Paul Craig will move to Old Mutual Global Investors and continue to oversee the proposition, joining OMGI’s multi-asset team run by John Ventre.
Henderson director of strategic partnerships Danny Knight will also move to Old Mutual to oversee Cirilium sales.
Old Mutual Wealth chief executive Paul Feeney says: “We believe wealth management solutions need to be more accessible to customers. To achieve that we want to offer an integrated customer proposition that encompasses advice, asset management, platform and products. The acquisition of the remaining 50% of Cirilium is an important milestone in achieving that outcome.
“Cirilium has been designed specifically for the customer proposition offered by Intrinsic’s restricted advisers, is very well run and has delivered great performance. The acquisition will deliver continuity and certainty that Cirilium will remain an integral part of Intrinsic’s customer proposition.”
Henderson global head of distribution Phil Wagstaff says: “The decision to sell our 50% shareholding is a natural progression following Intrinsic’s acquisition by Old Mutual. Old Mutual remains a valued and important client and we believe it is in the best interests of all stakeholders, most importantly clients, for Old Mutual to manage the fund range as owner of Intrinsic.”