Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Henderson sells £1.5bn multi-manager to Old Mutual Wealth

Henderson sells £1.5bn multi-manager to Old Mutual Wealth

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.

'We are excited about welcoming Paul Craig into our business later this year and adding further expertise and scale to our multi-asset team, which is one of the most experienced multi-asset desks in the market,' Old Mutual Global Investors chief executive Julian Ide said. 

'All our resources will be available to help Paul further develop and grow the Cirilium fund range and ensure it continues to deliver great customer outcomes.'

Craig will be joined by Henderson director of strategic partnerships Danny Knight, with Henderson managing director of distribution, Stewart Cazier, also making the switch to Old Mutual Global Investors where he will serve as chief operating officer of distribution.   

Meanwhile James de Bunsen, who joined Henderson from Armstrong Investment Managers at the start of 2013, will replace Craig as co-manager of the Henderson Value Trust, working alongside Ian Barrass.   

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.

Related Fund Managers

Paul Craig
Paul Craig
72/78 in Equity - UK Equity Income (Performance over 3 years) Average Total Return: 37.94%
Citywire TV
Citywire TV
Citywire TV
Play Where A-rated Pattullo is finding the best bond opportunities

Where A-rated Pattullo is finding the best bond opportunities

Henderson Global Investors head of retail fixed income explains how he is managing his fund against the surprise current monetary policy divergence.

1 Comment Play Taxicab Tenner: Allianz Global Investors' AA-rated Simon Gergel

Taxicab Tenner: Allianz Global Investors' AA-rated Simon Gergel

Our much anticpated new series is here! We hand a black cab driver a tenner and grill the manager of the 125-year Merchants trust until the meter runs out.    

Play Europe bulls, a retail boost and why a little inequality can be a good thing

Europe bulls, a retail boost and why a little inequality can be a good thing

This week’s Investment Pulse looks at whether investors should be bullish on Europe, the surprise rise in UK retail sales and if a little inequality is a good thing.

Your Business: Cover Star Club

Profile: meet the duo at the heart of Hargreave Hale's succession plan

Profile: meet the duo at the heart of Hargreave Hale's succession plan

For the first time in the company's history a non-Hargreave is now at the head of the north west broker and asset manager

Wealth Manager on Twitter