Quilter offloads international business to Utmost for £483m
Quilter (formerly Old Mutual) is a principle sponsorship partner of England rugby (Photo by Michael Steele/Getty Images)
Quilter has agreed to sell its international business for £483m as it looks to focus its attention on its UK wealth management division.
The FTSE-listed wealth manager and England rugby sponsor announced the board had unanimously agreed to sell Quilter international to life assurance group Utmost Group.
“It allows us to focus on accelerating our growth and efficiency pans as well as further simplifying and focusing our business around its core UK high net worth and affluent customer position,” chief executive Paul Feeney said.
The wealth management firm s board has already approved the deal.
The acquisition is likely to generate net proceeds of £450 million for Quilter.
In an announcement on Thursday, Quilter plc (LON: QLT) said it will offload its international business for £483 million to Utmost Group (specialist life assurance company) – a move that will help it expand focus on its wealth management segment in the United Kingdom. CEO Paul Feeney said on Thursday:
“The sale allows us to focus on accelerating our growth and efficiency plans as well as further simplifying and focusing our business around its core UK high net worth and affluent customer proposition. It also gives us the ability to deliver a further meaningful capital distribution to shareholders.”
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st April 2021 8:20 am
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Quilter International sells for £483m
Quilter has agreed to sell its international business for £483m to life assurance group Utmost Group, as it looks to focus its attention on its UK wealth management division.
The FTSE-listed wealth manager announced the board had “unanimously agreed” to sell Quilter International as it was “less strategically aligned” to Quilter’s UK proposition.
In a stock market announcement today, the company said the customer overlap between Quilter’s UK customers and Quilter International has also reduced in recent years.
Wealth manager Quilter to sell its international business for $664 million reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
Life company was put under strategic review late last year
Two Isle of Man life companies look set to merge, following an announcement that Utmost Group has entered into an agreement to acquire Quilter International.
The deal is subject to regulatory approval and will see Quilter receive roughly £483m ($664.9m, €566.9m) in cash assuming completion on 31 December 2021.
The plan is to fold Quilter International into Utmost international, to which it will add £22bn of assets under administration and 90,000 life policies.
In addition to its Isle of Man base, Quilter International has offices in Hong Kong, Singapore and Dubai.
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