This deal follows Old Mutual Wealth’s acquisition of Intrinsic and means Old Mutual will take sole ownership of Cirilium as well, bring its £1.5bn of assets under management into the firm. Cirilium consists of five multi-manager portfolios and four passive portfolios.
The deal will be executed and fund transferred at some point in Q4 2014, subject to FCA approval.
Cirilium’s funds are currently managed in Henderson’s multi asset team by Paul Craig, who will move over to Old Mutual Global Investors as part of the deal. He will be part of the multi-asset team there, which is headed-up by John Ventre. This team already manages over £5bn of assets.
Danny Knight, director of strategic partnerships, will also make the move from Henderson to Old Mutual to lead sales of the Cirilium funds.
Another move agreed, not directly tied to the Cirilium takeover, is Stewart Cazier switching from being Henderson managing director for distribution to becoming Old Mutual Wealth’s chief operating officer for distribution. That switch will happen sometime this summer.
Paul Feeney, chief executive of Old Mutual Wealth, said the deal to take full ownership of Cirilium is an important milestone in its plans to offer an integrated wealth management customer proposition that encompasses advice, asset management, platform and products.
Phil Wagstaff, Henderson’s head of distribution said the deal is a natural progression following Intrinsic’s acquisition by Old Mutual and is in the best interests of all stakeholders, particularly clients.
