Quilter plc (LON: QLT) has today confirmed it is undertaking a strategic review in relation to Old Mutual Wealth Life Assurance Limited, the Heritage life assurance business, including the possibility of a disposal of this business.
No decision has been taken by the Board of Quilter plc on any particular option, including whether to effect a disposal of Old Mutual Wealth Life Assurance Limited. Accordingly, there can be no certainty that any transaction will be concluded, or if so, its timing or terms.
A further announcement will be made if and when appropriate.
Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.
Quilter plc oversees £114.9 billion in investments (as at 31 March 2019).
It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions; and discretionary fund management.
The business is comprised of two segments: Advice and Wealth Management and Wealth Platforms.
Advice and Wealth Management encompasses the financial planning network, Quilter Financial Planning; Quilter Private Client Advisers; the discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business. Wealth Platforms includes the Old Mutual Wealth UK Platform; Old Mutual International, including AAM Advisory in Singapore; and Old Mutual Wealth Life Assurance, the Heritage life assurance business.
The Quilter plc businesses are being re-branded to Quilter over a period of approximately two years:
• The Multi-asset business is now Quilter Investors
• Intrinsic is now Quilter Financial Planning
• The private client advisers business is now Quilter Private Client Advisers
• The UK Platform to Quilter Wealth Solutions
• The International business to Quilter International
• The Heritage life assurance business to Quilter Life Assurance
• Quilter Cheviot will retain its name.