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Henderson sells £1.5bn multi-manager to Old Mutual Wealth
by Dylan Lobo on May 01, 2014 at 11:46
Old Mutual Wealth has bought Henderson's stake in Cirilium, its multi-manager joint venture with adviser network Intrinsic.
The £1.5 billion Cirilium fund range, which contains five funds and four passive vehicles, was a joint venture between Henderson and Intrinsic.
The deal, which is scheduled to be completed in the fourth quarter, now gives Old Mutual Wealth 100% ownership of the venture. The firm acquired the initial 50% stake in Cirilium in February when it bought Intrinsic, the UK's largest network of restricted and independent financial advisers.
Cirilium launched in 2008 as a joint venture between Intrinsic and New Star Asset Management. Henderson took over as manager of the range in 2009 when it acquired New Star.
Paul Feeney (pictured), chief executive of Old Mutual Wealth, said: 'We believe wealth management solutions need to be more accessible to customers. To achieve that we want to offer an integrated customer proposition that encompasses advice, asset management, platform and products.
'The acquisition of the remaining 50% of Cirilium is an important milestone in achieving that outcome. Cirilium has been designed specifically for the customer proposition offered by Intrinsic’s restricted advisers, is very well run and has delivered great performance.
'The acquisition will deliver continuity and certainty that Cirilium will remain an integral part of Intrinsic’s customer proposition.'
Henderson head of global distribution Phil Wagstaff added: 'The decision to sell our 50% shareholding is a natural progression following Intrinsic’s acquisition by Old Mutual.
'Old Mutual remains a valued and important client and we believe it is in the best interests of all stakeholders, most importantly clients, for Old Mutual to manage the fund range as owner of Intrinsic. We look forward to building upon the strong relationship we have with Old Mutual going forward.'
Paul Craig will move over to Old Mutual Global Investors and continue to manage the Cirilium range.
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