Swindon based financial management firm Intrinsic has sold its 3,000 strong network of restricted and independent financial advisers to Old Mutual Wealth.
Intrinsic was set up just under eight years ago by a group of financial services professionals mainly from Allied Dunbar. In 2012, the firm reported an annual turnover of £121 million.
The company was bought for an undisclosed sum and Intrinsic’s business model will remain unchanged, retaining its brand and management team.
Led by Senior Corporate Partner Jonathan Payne and Associate Solicitor Elaine Meyrick, Thrings provided advice on all legal and strategic matters to Intrinsic and its management team. Tax and accountancy advice was provided by KPMG.
Thrings has been providing legal advice to Intrinsic since 2006, a period in which it has become one of the UK’s fastest-growing financial advice services companies.
Jonathan Payne said: “Thrings has worked closely with Intrinsic’s management team for the past eight years, and during this time we have developed a thorough understanding of the business and its ambitions. This has enabled us to provide ongoing legal advice which supports the company’s commercial and strategic objectives.
“Intrinsic is already one of the leading providers of financial advice and wealth management in the UK, and this deal will provide the opportunity and financial platform to strengthen its reputation and meet the long-term needs of its customers. This is a significant development in Intrinsic’s history, and we believe the deal will propel the business on to even greater successes in the future.”
Wallace Dobbin, Governance and Legal Director at Intrinsic, said: “It was imperative we received the very best legal advice during this transaction. Jonathan and his team played a pivotal role throughout, demonstrating great commercial awareness and discretion while acting in the best interests of Intrinsic at all times.“