Old Mutual completes Quilter Cheviot acquisition
Old Mutual plc has completed the acquisition of the leading discretionary investment manager Quilter Cheviot.
At 31 December 2014, Quilter Cheviot had £16.7 billion (2013: £15.2 billion) of funds under management.
As part of the consideration for the acquisition, Old Mutual plc will issue an additional 19,325,430 restricted ordinary shares of 11 3/7p each to a trust established for the benefit of certain of the employee shareholders in Quilter Cheviot. Applications have been made for these additional shares to be admitted to listing and trading on the London Stock Exchange and applications will be made for them to be listed on the JSE Limited and on the other exchanges on which Old Mutual plc's shares are listed.
Julian Roberts, Group Chief Executive of Old Mutual plc, said: 'The acquisition of Quilter Cheviot is the final substantive part in our strategy of building the UK's leading retail investment business, and we are delighted that they are part of our Group. This acquisition will allow us to deliver a complete set of solutions which meet the wide-ranging needs of advisers and clients.'