The deal was originally announced on 24 March 2022, but the acquirer did not name the company it was set to buy.

In March, Alpha Growth said the financial terms of the deal were set to be around $3.3m, adding approximately $370m in assets under management (AuM) to the group.

But on completion, the financial services provider said in a London Stock Exchange announcement that the value of the acquisition was around $4.4m (£3.6m, €4.2m), adding $275m in AuM.

The M&A deal brings Alpha’s total AuM to around $700m. Following the deal, the life company has been rebranded as Alpha International Life Assurance Company (Guernsey).

The directors of Alpha Growth’s Bermuda subsidiary – Providence Life Assurance Company (Bermuda) – Gobind Sahney, Jason Sutherland, and Dan Gray, will join OMI Guernsey’s board as well.

Further acquisitions

Sahney, executive chairman of Alpha Growth, said: “Our aim at Alpha is to help our clients both build and protect wealth, whilst also generating significant returns for our shareholders.

“The completion of this acquisition is an incredibly significant step in our goal of managing over $2bn of AuM by 2025 and is just one of several exciting initiatives our team have been progressing.”

“We are also in the final stages of completing our previously announced acquisition of Havelet Assignment Company Limited and I look forward to updating our shareholders in due course.

“With continued and ongoing market volatility caused by world events further underpinning the appeal of our uncorrelated offerings, as well as the potential for certain acquisition opportunities presenting themselves over the course of the next 12 to 18 months, there is a possibility, if all goes well, that we may beat our target of reaching $2bn of AuM by 2025.”

International Adviser reached out to Old Mutual for comment, but the firm did not reply in time for publication.

The rebrand to Quilter follows the renaming of other companies within the Quilter Group, including its multi-asset investment business, which became Quilter Investors in 2018, and its financial advice business, which became Quilter Financial Planning in 2019.

The Quilter name originates with the group’s discretionary investment management business Quilter Cheviot.

The rebranding is a result of Quilter separating from Old Mutual in June 2018 and listing on the London and Johannesburg stock exchanges.

Steven Levin, chief executive of the Quilter platform and Quilter Investors, said: “The rebranding of Old Mutual Wealth to Quilter means all our businesses now harness the strength of the Quilter brand, which already has substantial recognition in the UK thanks to Quilter Cheviot.

“We are incredibly proud of the heritage of the Quilter platform as a market innovator, with a passion for supporting advisers and customers.

“It is a business which has shaped the modern platform market in the UK and following our recent technology upgrade, we are reigniting that culture of innovation as Quilter.”

According to Quilter’s platform Old Mutual Wealth, data shows Q4 2020 net flows into UK equities rose by 12.9%, while European and North American equity inflows grew by 10% and 9.3%, respectively.

Despite emerging markets still suffering from net outflows, the pace reduced greatly compared to the third quarter.

Old Mutual Wealth said that much of these flows are “driven by the deployment of cash”, a trend that has been evident since the build-up of funds following the first quarter of 2020,

Property funds also saw sustained outflows following the reopening of some that had originally been suspended.

The UK fixed interest sector saw net inflows of 47.7% over the quarter, while international fixed income also rose by a similar margin.

Equities had net outflows in 2020 compared to fixed income as many advisers looked to protect clients from the extreme levels of volatility we saw in Q1 2020. But this has started to be unwound as markets continue to rise, vaccines begin to be rolled out globally and global trade starts to return to normal.

‘Better view of the horizon’

Andy Miller, investment specialist at Quilter, said: “Markets have not only recovered but started to soar in recent months. However, we are still living in precarious times and advisers are acutely aware that volatility is never far from the door and have set their client’s portfolios up accordingly.

“With the costs of a third lockdown still uncalculated, and the impact of the vaccine rollout yet to filter through, the economic outlook is still difficult to predict. However, more positively, some of the other unknowns like the US presidential election and Brexit are now clearer giving investors a better view of the horizon.

“This has allowed many advisers to begin adding risk back to portfolios and increasing exposure to equities in order to capture the rally. With monetary policy remaining loose for some time and global risks removed from the table, we would expect this trend to continue into the first quarter of this year.

“But despite this, advisers are acutely aware of what could come after last year’s events and have constructed their portfolios to reflect the fact that 2021 still looks set to be unpredictable.”

He will lead both Old Mutual and Old Mutual Life Assurance (South Africa). 

Williamson had been acting chief executive since June 2019, when the firm started looking for a replacement for ousted predecessor Peter Moyo. 

He has been at Old Mutual for almost three decades and has held several senior and c-suite roles throughout his career at the insurance company. 

The Moyo saga 

Trevor Manuel, chairman of Old Mutual’s board, said: “We are delighted at Iain’s appointment. Over the last year, acting as interim CEO, he has worked to steer Old Mutual through some significant leadership and operational challenges.  

“His steady hand, strategic mind, and authentic leadership style has been both refreshing and truly welcomed. We wish to thank Iain for his contribution during this time and we look forward to working with him as he leads the embedding of the group’s vision and purpose of championing mutually positive futures every day. 

The top vacancy followed the firing of Moyo, which led to a nearly year–long legal battle resulting in the former boss losing his last appeal. 

The ruling also allowed Old Mutual to officially find and name Moyo’s replacement. 

Old Mutual South Africa is not connected with Quilter or Isle of Man-headquartered Quilter International, following the managed separation of the group in 2018. 

The US fund management giant has named Scott Conking as head of its Asia operation.

Conking joined the firm in 1984. He was previously principal and head of the firm’s US-based institutional investor services.

Based in Hong Kong, he will oversee offices in Beijing, Hong Kong, Shanghai, and Tokyo.

Conking succeeds Axel Lomholt, who has served as interim head of Vanguard Asia since the end of 2019.

Lomholt will continue to play a strategic leadership role in Vanguard Asia and will report to Conking.

Nedbank

The ex-chief executive of Old Mutual in South Africa, Peter Moyo, has resigned from the board of Nedbank with effect from 18 March.

He was appointed in 2018.

Moyo’s resignation from his non-executive role comes amid a protracted legal battle with his former employer over his dismissal in June 2019.

On 18 March 2020, the Johannesburg high court quashed Moyo’s urgent application to stop Old Mutual from looking for a chief executive.

The life company will now be able to find a permanent replacement after winning an appeal in January 2020 that its dismissal of Moyo was lawful.

Finastra

The fintech firm has appointed Gary Bischoping as chief financial officer, effective 16 March 2020.

He will be based at Finastra’s headquarters in London.

Bischoping recently held the role of chief financial officer at Varian, a mid-cap medical technology US multinational.

Prior to that, he spent over 17 years at Dell.

He replaces Mark Miller who is stepping down from his role for personal reasons, and returning to his home in Texas.

There will be a transition period until the end of April.

Wave Financial Group

The digital asset management firm has named Matteo Dante Perruccio as president international, a newly created role based in London.

Perruccio was previously chief executive of Pioneer Investments, chief executive and founder of Hermes BPK Partners, as well as non-executive board director and global head of key accounts and strategic relationships at Jupiter Asset Management.

He was most recently chairman of the Secofind Multi Family Office.