Standard Life Aberdeen is planning to return £1.75bn (€1.99bn, $2.33bn) in capital to its shareholders after selling its UK and European insurance business, while Old Mutual looks to offer up to 9.6% of shares in Quilter as part of its managed separation.
Despite some strong opposition, the UK financial regulator has released major plans to force providers to pay 25% of advisers’ Financial Services Compensation Scheme (FSCS) bills.
Quilter, formerly Old Mutual Wealth, said its assets under management and administration had fallen in the first quarter of 2018 despite net inflows increasing 14% compared to the same period last year.
Old Mutual chief executive Bruce Hemphill and chief financial officer Ingrid Johnson have resigned from their board positions at the group as details on the final legal process for the managed separation are announced.
Old Mutual Wealth is now ready to list as Quilter, with its annual results showing the company’s pre-tax profits rose by 40% in 2017, driven by “unusually high” performance fees.
Old Mutual Wealth claims a period of rapid growth means it is now the UK’s second largest advice business and only major competitor to St. James’s Place.
Praemium has bolstered its discretionary capabilities with two senior hires.
Wealth management firm Quilter has confirmed plans to acquire discretionary investment firm Cheviot Asset Management.
Scottsdale Overseas, a UK-expat-focused, Spain-based financial advisory group, has unveiled an exclusive range of investment portfolios for its clients which are managed by the same investment team behind UK-based Quilter Managed Portfolio Service.
Morgan Stanley Smith Barney has agreed the sale of wealth management firm Quilter to the private equity investor Bridgepoint.
Wealth management firm, Quilter has appointed a further investment manager to its Dublin office.
Quilter Jersey has appointed Francis Clayton as an executive director, while Tim Sanders has left.
