Old Mutual Wealth has signed an agreement to acquire Singapore-based expatriate adviser business AAM Advisory. According to a statement, the deal shows Old Mutual Wealth continuing its distribution strategy of developing a multi-channel advice business. AAM Advisory is the largest expatriate advisory firm in Singapore with more than 30 advisers. It will continue to operate separately from Old Mutual Wealth’s existing businesses in the region. Old Mutual International and Old Mutual Global Investors will continue to distribute products and solutions via AAM Advisory, but will remain focused on the wider financial advice market in the region. The acquisition is expected to complete within the next couple of months. Old Mutual Wealth chief executive Paul Feeney explained they have been working with AAM Advisory for a number of years now and feel they have a strong consumer fit. Matthew Dabbs, chief executive of AAM Advisory, said the firm was looking for a partner to help with growth. He said: “Together we will continue to build a strong advisory business focused on providing positive solutions for our clients.” Steve Hickman, head of region and chief executive in Singapore and South East Asia for Old Mutual International, said that the deal should create stronger ties in the market. “The business is experienced in managing multi-channel advice without conflict. Old Mutual International will remain focused on the wider financial adviser market in the region and will continue to offer the best levels of support to all advisers.” Today’s purchase comes after yesterday (1 February) Old Mutual Wealth-backed network Intrinsic completed the acquisition of Sesame’s Financial Adviser School. Intrinsic reached a provisional agreement late last year to acquire the school, founded by Sesame Bankhall Group in 2011. peter.walker@ft.com
Old Mutual Wealth is to acquire the Singapore-based expat advisory firm, AAM Advisory, as part of its plans to concentrate the Old Mutual International business on "core growth" markets of Singapore and Hong Kong; from the next couple of months it will stop accepting new business from advisers based in surrounding jurisdictions, including Malaysia, Thailand and the Philippines. The purchase is due to be completed in 1st April this year; financial details of the deal have not been disclosed.