British firm Old Mutual Wealth will take a 100 percent stake in financial planning firm AAM Advisory in Singapore.
AAM Advisory's Singaporean business with a team of 32 MAS licensed Financial Advisers has in the region around 3,500 clients and more than S$ 650 million under advisement. A statement on the firms website updates clients of the imminent deal.
Old Mutual Wealth is a leading wealth management business in the U.K. with a broad international presence. The company currently oversees around 100 billion pounds in customer investments and already owns the largest financial advice network in the U.K.
Smooth Transition
It is part of Old Mutual, a London-listed company that provides life assurance, asset management, banking and general insurance. It has 16 million customers across the world and nearly 320 billion pounds in assets under management.
The deal is expected to be completed within the next couple of months. «Our clients will see no change in day to day dealings with AAM – other than some positive changes over time,» said AAM Advisory CEO Matthew Dabbs.
