Old Mutual has completed the sale of Old Mutual Wealth Italy to Phlavia Investimenti, owned by international private equity firm Cinven, meaning the firm has fully offloaded the Continental European arm of Old Mutual Wealth.
The transaction, which was announced on 9 August 2016, will allow Old Mutual to focus on its core UK and cross border markets.
Old Mutual Wealth chief executive Paul Feeney (pictured) says: “This represents an important landmark for our business as it completes Old Mutual Wealth’s exit from Continental Europe. While we are sorry to lose our colleagues from Old Mutual Wealth Italy, we believe their growth prospects will be enhanced under the new ownership. I would like to thank the team for the fantastic contribution they have made over the years and wish them well in the future.”
Erik Stattin, Group CEO of Phlavia Investimenti, adds: “We are extremely satisfied to announce this new milestone on our path to become a consolidator in the Italian market. We have already sold our non-life insurance company in order to concentrate on life insurance; the acquisition of Old Mutual Wealth Italy is another step to strengthen our position through financial, operational and commercial synergies and diversify our product portfolio and distribution network, generating further cross selling opportunities for our business.”
Old Mutual Wealth Italy has €7bn in assets under management and announced post-tax adjusted operating profit of €22m for the year ended 31 December 2015.