Intrinsic

Intrinsic is a network of financial advisers founded in 2006 and headquartered in Swindon, UK. It acquired Positive Solutions in 2013 and Intrinsic was itself acquired by Old Mutual Wealth in 2014. As at 30 June 2016, 26 per cent of OM Global Investors (OMGI) net flows were through Old Mutual Cirilium portfolios, the OMGI multi-asset investment solution available to Intrinsic restricted advisers.

In February 2017 it was announced that Intrinsic was set to acquire financial advice network Caerus. The deal was completed in June 2017 with 300 advisers moving to Intrinsic. Both Caerus chief executive Keith Carby and Old Mutual Wealth chief executive Paul Feeney dismissed claims at the time that Caerus was acquired for a nominal sum of £1.

By June 2017, Intrinsic had taken a minority stake in its largest member firm: national planning business Charles Derby. Charles Derby, an appointed representative of the Intrinsic network, had at the time more than £1.3bn of assets under advice and 350 financial advisers working in the UK. A statement said the deal would not “materially impact” the day-to-day working relationship between Charles Derby and Intrinsic.

Intrinsic reported in August 2017 that it had seen losses increase by 45 per cent to £13m for the first half of the year. In its interim results, Old Mutual Wealth attributed the loss to a higher Financial Services Compensation Scheme levy and costs related to growing the business. It said: “Net flows from Intrinsic’s advisers generate substantial business for Old Mutual Wealth and thereby contribute to the business’ overall profitability.” In the same period, Intrinsic and Old Mutual Wealth Private Client Advisers contributed over £100m in net client cash flow to Old Mutual Wealth’s discretionary fund management business Quilter Cheviot.

It was announced in February 2018 that Intrinsic founder and former chief executive Richard Freeman would retire from the business in June 2018. Freeman had signalled in 2015 that he would leave the advice network at some point in early 2017. Intrinsic former managing director Andy Thompson replaced Freeman as chief executive in December 2015.