Intrinsic to acquire Manchester financial adviser network

Intrinsic Financial Services, part of Old Mutual Wealth, is to acquire Manchester-headquartered financial adviser network Caerus for an undisclosed sum.

Based at Trident Business Park near Manchester Airport, Caerus has more than 300 advisers who are responsible for more than £4bn of client assets.

The acquisition is conditional upon regulatory approval but is expected to complete in the second quarter of 2017.

Old Mutual Wealth said the deal demonstrates its commitment to become the UK’s leading wealth manager and complements its existing controlled distribution footprint in the UK. This includes Intrinsic, which has around 3,300 advisers, and Old Mutual Wealth Private Client Advisers, the branded national adviser firm established in 2015.

Keith Carby, chief executive and chairman of Caerus said: “Almost 90% of shares are held by people who work in the business. Their acceptance of the offer clearly demonstrates that it is in their best long-term interests, and the long-term interests of the business.

“The transaction provides both a very good return on investment, as well as enhancing prospects for the future for all concerned, with Old Mutual Wealth undoubtedly becoming a leading force in UK personal financial services.”

Andy Thompson, chief executive of Intrinsic, said: “We believe Caerus is a good fit for Intrinsic in terms of the business culture and the profile of its advisers and clients. Along with all my colleagues at Intrinsic, I’m excited to have the opportunity to work with Caerus staff and advisers, subject to the offer receiving shareholder and regulatory approval.”