Old Mutual may move into Quilter’s Edinburgh office
- Old Mutual’s swoop on Quilter is further expansion into Scotland
- Firm may move ex-Ignis staff into Quilter’s Edinburgh office
Financial services group Old Mutual has made another foray into Edinburgh after today’s £585 million swoop on discretionary firm Quilter Cheviot.
Old Mutual has already hired the three top-rated fund managers who left Ignis Asset Management last week as part of the integration with new owner Standard Life. After revealing those appointments Old Mutual said it would be looking for offices in the city.
The acquisition of Quilter gives it the option of moving staff in to Saltire Court where Quilter has been based since 2011.
Old Mutual Global Investors hired Russ Oxley, who managed one of Glasgow-based Ignis’s top funds, as head of fixed income absolute returns, together with Ignis partners Adam Purzitsky and Paul Shanta. They left in the latest restructuring move by Standard Life Investments boss Keith Skeoch who is integrating Ignis into the business.
Quilter Cheviot focuses primarily on structuring and managing bespoke discretionary portfolios for private clients, charities, trusts, pension funds and intermediaries. It is one of the UK’s largest independently owned discretionary investment firms, tracing its heritage to back 1771 with 13 locations across the UK, Jersey and Ireland and managing more than £16.2 billion of assets for 38,000 clients.
It has made an impression already. The Edinburgh office was named one of the nation’s best after winning the Citywire Wealth Manager Regional Stars Award while investment adviser Joe Burns, who joined from Franklin Templeton, was included in Wealth Manager magazine’s Top 30 Under 30 list, which recognises the best investment managers in the UK under 30 years of age.
The firm has been adding to its team, hiring Neil MacPherson as an investment director from Turcan Connell where he was a senior investment associate. He started his career at Edinburgh Investment Trust as a fund manager, before moving on to Standard Life where he worked on overseas markets. He then joined Life Association of Scotland Investment Management, where he was responsible for overseas investment. He also worked at Brewin Dolphin and Edward Jones.
Following regulatory approval of the deal Quilter Cheviot will become the discretionary investment management business within Old Mutual Wealth.
Martin Baines, chief executive of Quilter Cheviot, stays in post, reporting to Paul Feeney, chief executive of Old Mutual Wealth.
The transaction is expected to complete in the first quarter of 2015.
A spokesman for Old Mutual said it was too early to say whether the firm’s Edinburgh operations would be corralled around Saltire Court but it provided an obvious option.