As reported in International Adviser, the deal was first announced on 2 February, with OMW looking to send a message to the markets confirming its long-term commitment to the Singapore region and to the financial advice model.
AAM Advisory will continue to run as a separate entity to Old Mutual Wealth’s existing businesses in the region, Old Mutual International and Old Mutual Global Investors (OMGI).
Professional, Competent, Reliable
Having worked with AAM since 2009, Paul Feeney, chief executive at Old Mutual Wealth, said the speed at which the deal completed was testament to the two businesses’ alignment.
He added: “We see great potential in AAM Advisory which provides clients in Singapore with professional, competent and reliable advice.
“Our strategy is to develop a multi-channel advice business and grow deeper routes in our core markets. We remain committed to Singapore and to servicing the wider financial advice market.”
Mutually beneficial
Matthew Dabbs, chief executive at AAM, said: “We are looking forward to being part of Old Mutual Wealth and benefiting from their financial strength, experience in supporting advice and distribution, and their in-house expertise in investment research which complements the success of AAM’s.
“This is an exciting opportunity for our business and together we will continue to build a strong advisory business focused on providing positive solutions for our clients.”
Old Mutual International has had presence in Hong Kong since 1991 and Singapore since 2008, while OMGI has been present in Hong Kong for more than 12 years.
