The move brings together Intrinsic's network of 3,000 advisers with Old Mutual Wealth's leading investment platform and asset management solutions.
The acquisition is subject to regulatory approval.
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Old Mutual Wealth, comprising Skandia and Old Mutual Global Investors, has also reported a £217m profit for 2013.
Its assets grew by 13% during the period to £78.5 billion as at 31 December 2013 compared to £69.2 billion in 2012.
Underlying profits before tax have grown 36%, from £160 million to £217 million.
Old Mutual Wealth has cited the buy out of Intrinsic as an important step in the company's strategy of creating the UK's leading retail investment business.
Richard Freeman, chief executive of Intrinsic, said: "Ownership by Old Mutual Wealth will bring a host of benefits to our customers and to our business.
"It will deliver a first-class proposition with the investment platform, investment solution and advice relationship fully aligned in a way that provides real value for money.
"The support of a single, stable shareholder with Old Mutual's financial strength and global experience in advice and distribution will further strengthen the business and deliver long-term security for our customers."
Intrinsic has 3,000 financial advisers who operate either on an independent or restricted basis. Intrinsic's business model will remain and will continue to support both.
Intrinsic will remain distinct within Old Mutual Wealth, with its own existing brand and management team. The existing Intrinsic teams will continue to run the business on a day-to-day basis.
Andy Briggs, group chief executive at Friends Life, said: "As a founder shareholder of Intrinsic, it has been a real pleasure for Friends Life to support the company as it has grown rapidly over the last eight years. The transaction is clearly a positive step for Intrinsic advisers and their clients."
Adrian Grace, chief executive of Aegon, said: "Aegon have worked closely with Intrinsic since it started trading in 2006, and became a shareholder last year.
"We believed then, and still do, that Intrinsic genuinely supports its advisers and puts the customer at the core of everything it does, and this transaction can only strengthen that position."