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Old Mutual Wealth to spend £44m on 2017 acquisitions

Money-Coins-Pound-Currency-Close-up-700x450.jpgOld Mutual Wealth will spend £44m on advice businesses acquired in 2017, including £24m on its purchase of network Caerus.

Old Mutual Plc published its 2017 annual report today, which shows the Caerus deal was made up of a £15m cash consideration, £3m deferred for two years, and £6m deferred for three years.

The completion of the acquisition last June came five months after it was announced.

The report confirms Old Mutual Private Client Advisers acquired eight advice firms during 2017.

It will spend £20m collectively on those acquisitions, including £10m in cash considerations and £10m in deferred payments.

In the company’s 2017 results also released today, Old Mutual Wealth reported a 40 per cent increase in pre-tax profits, which it attributed to an “unprecedented” level of performance fees.

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