Old Mutual to rebrand advice business as part of float

Once the separation from Old Mutual is complete, the wealth management company will become Quilter, it said in a statement, returning to a brand that dates back to 1771.

Old Mutual Wealth also announced it would break the business into two divisions, an advice and wealth management arm and wealth platform arm. Its Heritage life assurance business will become Quilter Life Assurance.

Last month, OMW announced net inflows of £7.3 billion over the first three quarters, taking funds under management up to £131.3 billion.

It said the businesses within these two sections will be rebranded to Quilter over a two-year period following the separation from Old Mutual.

As Old Mutual Wealth confirmed its future plans followed the split, rumours still swirled around the potential buyout of Old Mutual Global Investors with a number of firms, as well as CEO Richard Buxton, rumoured to be bidding to take on the business.

Old Mutual Wealth chief executive Paul Feeney will make a presentation to investors and analysts on the company's strategic direction and growth prospects.

"Having two distinct but strongly complementary segments will help us continue to deliver good customer outcomes for new and existing customers".

The Wealth Platforms segment will include the UK Platform, which will become Quilter Wealth Solutions and the International business, which is to become Quilter International. We are focused on ensuring the businesses work together to build better solutions and drive integrated flows. But it said OMGI management from the single strategy part of the business will not be presenting at today's conference. The operational delivery of the FNZ system remains in the order of £120-£160m and the group intends to have the new platform in place by the end of 2018/early 2019, with the migration of the book swiftly thereafter.

Altre Notizie