Intrinsic buys stake in largest member firm

Old Mutual Wealth 2014Old Mutual Wealth-owned Intrinsic has taken a minority stake in its largest member firm: national planning business Charles Derby.

Charles Derby, an appointed representative of the Intrinsic network, has more than £1.3bn of assets under advice and 350 financial advisers working in the UK.

A statement says the deal will not “materially impact” the day-to-day working relationship between Charles Derby and Intrinsic.

The statement says: “Support from Intrinsic offers Charles Derby the stability and security of closer collaboration with one of the industry’s leading adviser networks.”

Charles Derby chairman and chief executive Chris Fautley says: “In Intrinsic, we have secured the continued backing of a business with the necessary scale to support a national financial planning firm of our size.”

Intrinsic chief executive Andy Thompson adds: “The network’s practice buyout scheme will continue to support businesses within the network to pursue their own acquisitive growth strategy.”

Thompson says: “Today’s announcement represents an extension of that commitment to invest in the future of the industry, offering the network’s largest firm, Charles Derby, the opportunity to realise an investment in their business which will allow them to continue their growth journey.”