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Positive Solutions chief exec Peter Coleman exits

Positive Solutions chief executive Peter Coleman is leaving as part of the integration of PosSol into Intrinsic.

Intrinsic acquired PosSol last summer and says there are no plans to replace Coleman, with his role incorporated into the existing Intrinsic board. An Intrinsic spokesman says the firm plans to retain the PosSol brand for the foreseeable future. 

Coleman says: “It has been a real privilege to lead Positive Solutions for the last two years and oversee a successful period in the company’s history.

“The acquisition by Intrinsic in 2013 delivers the stability, proposition and support that Positive Solutions clients and advisers required. Now that the integration of the two businesses is largely complete, the time is right for me to seek new challenges but I leave knowing Positive Solutions is in an extremely strong position.” 

Intrinsic chief executive Richard Freeman says: “On behalf of the board and everyone in the Intrinsic group, I would like to thank Peter for his leadership and commitment to bringing the two businesses together for the benefit of clients and advisers. We wish him every success in the future.”

Coleman was previously director at Burns Anderson and was brought into loss-making PosSol as commercial director in 2011. The firm moved into profit in 2012.

When Dutch insurer Aegon sold PosSol it took a 7 per cent share in Intrinsic. 

In December, Money Marketing revealed that Old Mutual Wealth was in talks to buy Intrinsic.

In October, Intrinsic announced plans to move PosSol partners away from True Potential’s adviser software and onto Avelo’s adviser front, middle and back-office technology.

Derbyshire Booth managing director Greg Heath says: “Any adviser firm being integrated into another network would be right to have concerns as you are moving into unchartered water.”

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