Law firm Thrings, which has its largest office in Swindon, has completed the sale of Swindon financial management firm Intrinsic’s entire network of 3,000 advisers – the UK’s largest – to Old Mutual Wealth.
The Thrings team, led by senior corporate partner Jonathan Payne, pictured, and associate solicitor Elaine Meyrick, provided advice on all legal and strategic matters to Intrinsic and its management team. Tax and accountancy advice was provided by KPMG.
As reported by Swindon Business News in March when the sale was announced, it has sent ripples through the insurance industry.
The deal, for an undisclosed sum, comes less than eight years after Intrinsic was launched in Swindon by a group of leading financial services sector figures with their roots in the town, mainly from pioneering insurance group Allied Dunbar.
Under the move Intrinsic, whose chairman and founder is Lord (Sandy) Leitch – one-time Allied Dunbar chief and a financial services industry stalwart – keeps its own brand and management team. Old Mutual’s Skandia platform will be added to Intrinsic’s platform panel.
Thrings – which also has offices in Bristol, Bath and London – has been providing legal advice to Intrinsic since its launch in 2006, a period during which it has become one of the UK's fastest-growing financial advice services companies. In 2012 Intrinsic turned over £121m.
Intrinsic governance and legal director Wallace Dobbin said: “This was a technically-complex transaction at a key stage in Intrinsic’s strategic development. It was therefore imperative the legal advice we received supported the business’s overall objectives and ambitions for growth.
“The relationship between client and advisor needs to be open and honest, and not only did Jonathan and Elaine demonstrate great commercial awareness, they also acted with the utmost discretion at all times.They were extremely easy to deal with and we simply could not have done it without them.”
Jonathan Payne said: “Intrinsic is one of the leading providers of financial advice and wealth management in the UK and this deal will provide the business with the opportunity and financial platform to strengthen its reputation and meet the long-term needs of its customers.
“Thrings has worked closely with Intrinsic’s management team for the past eight years, and the depth of understanding we have acquired has enabled us to consistently provide legal advice which supports its plans for the future. We wish Wallace and everyone at Intrinsic well at what is an exciting time for the business.”