Old Mutual Wealth Private Client Advisers, an appointed representative of network Intrinsic, says it has reached agreement to acquire Devon-based Financial Planning firm DQS Financial Management.

The acquisition for an undisclosed sum will add £200m in assets under advice and 650 clients to the Old Mutual Wealth-branded Financial Planning business which launched in 2015.

Old Mutual Wealth Private Client Advisers offers restricted Financial Planning services using Old Mutual Wealth’s investment capability across Quilter Cheviot and Old Mutual Global Investors.

DQS staff, including five advisers, will remain with the company, with its offices operating in future under the Old Mutual Wealth Private Client Advisers brand. DQS was founded in 2001 by directors Chris Dyson, Rob Quaintance and Carrie Payne. They will remain with the business to support its growth as part of Old Mutual Wealth Private Client Advisers.

The business provides Financial Planning to clients from its base in Newton Abbot, Devon, near Torquay and has grown since 2001, including the acquisition of Castellan Financial Management in 2006.
The acquisition is subject to regulatory approval.

Nigel Speirs, managing director, OMW Private Client Advisers, said: “We’re delighted to announce the acquisition of DQS, adding an established and respected adviser firm to the Private Client Advisers business.”

Richard Freeman, chief distribution officer at Old Mutual Wealth, said: “At Old Mutual Wealth we are absolutely committed to investing in the future of face-to-face Financial Planning, and bringing well-controlled, high quality Financial Planning to more customers. We will continue to invest in our proposition supporting the wider adviser market as well as our distribution capabilities through Intrinsic.”

Chris Dyson DipPFS, managing director, DQS, said: “We are delighted to be joining Old Mutual Wealth Private Client Advisers. Aligning with a business focused on delivering good customer outcomes through advice and ongoing service with an excellent pedigree in investment management has been very important to us and will enable us to continue to deliver a first-class proposition to our clients.

“I am personally excited to be leading the integration of DQS and becoming a key member of the Old Mutual Wealth Private Client Advisers leadership team.”