Old Mutual Wealth has completed the acquisition of discretionary investment manager Quilter Cheviot after securing go-ahead from regulators.
Old Mutual group chief executive Julian Roberts said: "The acquisition of Quilter Cheviot is the final substantive part in our strategy of building the UK’s leading retail investment business, and we are delighted that they are part of our Group. This acquisition will allow us to deliver a complete set of solutions which meet the wide-ranging needs of advisers and clients."
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Under the deal, Old Mutual will issue an extra 19,325,430 restricted ordinary shares of 11 3/7p each to a trust set up for the benefit of certain of the employee shareholders in Quilter Cheviot.
Quilter Cheviot chief executive Martin Baines will remain in his role following the acquisition and will join the Old Mutual Wealth executive committee.
As of 31 December 2014, Quilter Cheviot managed £16.7bn in funds, and comprised 500 employees including 165 investment managers.
