UK ac­qui­si­tion of Caerus com­pleted

The Star Early Edition - - COMPANIES -

OLD MU­TUAL Wealth, the UK wealth man­age­ment busi­ness of Old Mu­tual, on Fri­day com­pleted the ac­qui­si­tion of the fi­nan­cial ad­viser net­work, Caerus Cap­i­tal Group. Old Mu­tual Wealth first an­nounced the pro­posed ac­qui­si­tion in Fe­bru­ary this year, but the deal was sub­ject to a num­ber of con­di­tions, in­clud­ing share­holder agree­ment and reg­u­la­tory ap­proval. “The of­fer has now re­ceived ap­proval from the reg­u­la­tor and re­main­ing share­hold­ers fol­low­ing the unan­i­mous de­ci­sion of the Caerus Board to ac­cept the of­fer with re­gards to its own hold­ings,” Old Mu­tual said in a JSE an­nounce­ment. Caerus con­sists of more than 300 ad­vis­ers who are re­spon­si­ble for more than £4 bil­lion (R65.9bn) of as­sets un­der ad­vice. The South African fi­nan­cial ser­vices group said the ac­qui­si­tion of Caerus would com­ple­ment Old Mu­tual Wealth’s ex­ist­ing con­trolled dis­tri­bu­tion foot­print in the UK. Old Mu­tual Wealth’s foot­print in the UK in­cludes In­trin­sic, and Old Mu­tual Wealth Pri­vate Client Ad­vis­ers, the branded na­tional ad­viser firm es­tab­lished in 2015. The Caerus ac­qui­si­tion by Old Mu­tual Wealth fol­lows its stated in­tent in 2016 to ac­quire fur­ther scal­able ad­vice busi­nesses to grow its con­trolled dis­tri­bu­tion ca­pa­bil­ity. – ANA

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