Insurance and savings solutions provider Utmost Group is set to shut down its AAM Advisory business that is based in Singapore.

AAM Advisory, a wealth management and advisory firm, was bought by Utmost after it took over Quilter International last year.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

The company currently handles SGD$800m ($563m) of assets under advice for more than 4,000 clients.

Closure of the business is driven by a strategic review of AAM Advisory carried out by Utmost.

It will help the company to focus on partner-led distribution and not putting effort to create its own operations of the same kind.

Utmost plans to finalise the closure next year.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Utmost Group CEO Paul Thompson said: “The closure of AAM will allow Utmost International to focus on growing our core wealth solutions business and enable us to focus on the continued development of our proposition.

“Our strategy is built on partner-led distribution and, in 2021, we distributed our products through over 800 distribution partners globally.

“Singapore is a key strategic market for insurance-based wealth solutions. The Group remains committed to growing its presence here, as well as in the wider Asia region, where we continue to develop attractive propositions for affluent and HNW clients.”

In April this year, Utmost Wealth Solutions, a unit of Utmost International, rolled out its Private Wealth Portfolio tool for the high-net-worth individual (HNW) and ultra-high-net-worth (UHNW) industries in France.