Old Mutual has acquired another financial planning firm as it builds its private client advice arm.
The latest target is Wiltshire-based A&M Financial Services, whose clients will now be serviced from Old Mutual Wealth Private Client Advisers’ London office.
OMPCA director Dominic Rose says A&M clients will gave “continued access to quality, face-to-face financial planning”.
Old Mutual now has more than 50 advisers across the advice arm after completing five acquisitions in 2017.
OMPCA, which is distinct from the Intrinsic network, was set up in 2015 to attract high net worth clients, a third of which hold more than £1m with the firm, and has sealed acquisitions across the country since its outset, with six regional hubs now in place including Birmingham and Yorkshire.
OMPCA is also taking on graduates from Old Mutual’s Financial Adviser School to grow its adviser numbers.
The latest acquisition is significantly smaller than some previous deals, adding £40m in assets compared to others that have added more than £200m.
OMPCA has not disclosed the amount paid for any of its acquisitions.
Both OMPCA and Intrinsic advisers at Old Mutual will fall under new brands as the firm prepares to rebrand to Quilter.
Intrinsic advisers will operate as Quilter Financial Planning while OMPCA will become Quilter Private Client Advisers.