Old Mutual Wealth vice-chairman Peter Mann told Money Marketing in October that subsidiary Skandia had shelved plans to buy minority stakes in adviser firms but was open to buying a large adviser or building a distribution arm from scratch.
Money Marketing revealed in October 2012 that Skandia was in talks to acquire a stake in Caerus Capital Group, although the plans were sub-sequently shelved.
Old Mutual Wealth is understood to have already made an offer for Intrinsic, which acquired Positive Solutions from Aegon in June. Simon Davies, a non-executive director at Old Mutual and former Intrinsic director, is thought to be key to the proposed deal.
A spokesman for Old Mutual Wealth says: “We have been in discussions with a number of financial advice firms post-RDR about their strategy and future plans. No agreement has been concluded with any firm and we will not comment on the nature of those discussions or who they are with until such time.”
An Intrinsic spokesman says: “As one of the major financial adviser businesses in the UK, Intrinsic holds regular discussions with a wide range of potential partners. We do not comment on the nature of those discussions.”
By taking on Positive Solutions’ 850 advisers, Intrinsic increased its total adviser headcount to about 3,000.
In November, global asset manager Russell Investments acquired On-line Partnership Group, which owns the In-Partnership and Whitechurch networks, for an undisclosed sum. Recent analysis by CWC Research suggests that several asset managers are looking at restricted deals to secure distribution.
Derbyshire Booth managing director Greg Heath says: “It is clear the market is changing dramatically post-RDR and companies are jostling for position. Some of the insurers and asset managers are starting to lose market share and are looking to protect themselves.”