Old Mutual Wealth will change its name to Quilter as part of plans for a major restructure to the business.
In an announcement this morning, Old Mutual Wealth said its plans to float in 2018 ‘remains on track’ which will see the UK company separated from its South African parent Old Mutual plc.
The firm has now said this separation will also coincide with a rebrand, with the Old Mutual Wealth name replaced by Quilter.
Quilter will be split into two divisions, Advice and Wealth Management, and Wealth Platforms.
The Advice and Wealth Management division will include network Intrinsic (which will be rebranded as Quilter Financial Planning), national advice firm Private Client Advisers (which will become Quilter Private Client Advisers) and its multi-asset business which will become Quilter Investors. Its discretionary fund manager Quilter Cheviot will not change its name.
The Wealth Platforms division will feature the Old Mutual platform, which will be rebranded as Quilter Wealth Solutions, as well as the Heritage life, which will become Quilter Life Assurance.
The company also announced its replatforming project of moving to FNZ ‘remains unchanged’ with the cost of this between £120-160 million. The new platform will be launched by the end of 2018 or early 2019.
The Heritage institutional business will be closing to new customers as it is ‘not core’.
Old Mutual is also ‘continuing to assess’ the future of Old Mutual Global Investors (OMGI). Sky News reported in September a management buyout of OMGI was being considered led by chief executive Richard Buxton.
Paul Feeney (pictured), Old Mutual chief executive, indicated the firm remains committed to its vertically integrated model.
‘Having two distinct but complementary segments will help us to continue to deliver good customer outcomes for new and existing customers. Our recently reported Q3 year-to-date flows demonstrate continued strong demand for our investment solutions and services,’ he said. ‘However, having individually strong businesses is not enough by itself to drive success. We are focused on ensuring the businesses work together to build better solutions and drive integrated flows.
‘We very much look forward to listing in 2018 as Quilter. We believe that we have a compelling investment opportunity as we continue to deliver strong and sustainable returns for shareholders in our own right as a fast-growing, independent and publicly listed company.’