Cape Town - Old Mutual Wealth has reached a conditional agreement to acquire financial adviser network Caerus Capital Group, the JSE's news service announced on Tuesday.
The proposed acquisition is subject to a number of conditions, including shareholder agreement and regulatory approval. The transaction is expected to be completed in the second quarter of 2017. The Caerus board has unanimously opted to accept the offer with regards to its own holdings, and has recommended the offer to other shareholders.
The acquisition will complement Old Mutual Wealth's existing controlled distribution footprint in the UK, which includes Intrinsic and Old Mutual Wealth Private Client Advisers, the branded national adviser firm established in 2015.
More than 300 advisers are authorised through Caerus and are responsible for more than £4bn of assets under advice. In August 2016, Old Mutual stated that Old Mutual Wealth expected to acquire further scalable advice businesses to grow its controlled distribution capability.